Which measure of inflation would include consumer goods and capital goods?
A. the Consumer Price Index
B. the Retail Trade Survey
C. the GDP Price Index
D. the Employment Cost Index
Answer: C
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A Nash equilibrium in the duopoly game
A) means that one player has greater market power. B) occurs when each player takes the best possible action regardless of the strategy chosen by other firms. C) will always lead to equilibrium in which the firms' total profit is the largest. D) can occur only if firms cooperate with each other. E) means that a firm must be able to determine its actions and the actions of its competitor.
A recession is a slowdown in the rate of economic growth that
A) causes total income to fall even though total output has not declined. B) is unintended and therefore disappoints people's expectations. C) lowers the nominal level of gross domestic product. D) persists longer than one year. E) results in fewer people being employed.
ATC always exceeds AVC
Indicate whether the statement is true or false
A student might describe information about the costs of production as
a. dry and technical. b. boring. c. crucial to understanding firms and market structures. d. All of the above could be correct.