The purpose of a chain-weighted price index is to account for:
A) the costs of purchasing wholesale products like chains and industrial goods.
B) the changes in the quantities of goods and services purchased over time.
C) linkages in price changes among industrialized countries.
D) none of the above
B
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Which one of the following is a major difference between market and collective action through government?
a. Individuals are motivated by personal interests when making market choices, but they will be motivated primarily by the public interest when making collective choices. b. Competitive behavior is present when decisions are made in the marketplace, but competition is absent when choices are made collectively. c. Scarcity constrains output when decisions are made in the market sector, but scarcity is absent when goods are provided by the government. d. In the market sector, there is generally a one-to-one link between payment and consumption; this link is often absent in the government sector.
Refer to the graph shown. If a price control is used to eliminate deadweight loss, the new price and quantity in this market will be:
A. P2 and Q2, respectively. B. P3 and Q3, respectively. C. P2 and Q1, respectively. D. P1 and Q1, respectively.
The C + I + G curve lies __________ the C + I + G + Xn curve.
Fill in the blank(s) with the appropriate word(s).
Ricardo's theory of _____ advantage states that it makes sense for a country to specialize in the production of those goods that it produces most efficiently and then purchase the goods that it produces less efficiently from other countries, even if this means buying goods from other countries that it could produce more efficiently itself
Fill in the blank(s) with the appropriate word(s).