A good that is most likely to be in the producer price index is:
A. gasoline.
B. books.
C. apples.
D. None of these would be in the PPI.
Answer: A
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Your starting salary is $35,000 per year. After one year, you are given a raise that increases your nominal salary. Which of the following salaries would you prefer the most?
A) a $36,000 salary with a CPI of 103.0 B) a $39,000 salary with a CPI of 110.0 C) a $39,000 salary with a CPI of 109.0 D) a $37,000 salary with a CPI of 106.0 E) a $38,000 salary with a CPI of 104.0
If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue. B) a 5 percent increase in price results in a 5 percent decrease in total revenue. C) a 5 percent increase in price does not change total revenue. D) the demand curve is a straight line with slope of -1.
In the Romer model. as more labor is devoted to research and development ________
A) there is an immediate decrease in output per capita B) there is an immediate increase in output per capita C) output per capita is unaffected, but the savings rate begins to rise D) output per capita is unaffected, but the savings rate begins to fall
When market wages increase in a perfectly competitive market, then
A) the marginal factor cost increases. B) the marginal product increases. C) the marginal factor cost decreases. D) the marginal product decreases.