The ________ is a measure of the price level and is calculated by dividing ________ by ________ and multiplying by 100
A) CPI; real GDP; nominal GDP
B) PPI; nominal GDP; real GDP
C) PPI; real GDP; nominal GDP
D) GDP deflator; nominal GDP; real GDP
E) GDP deflator; real GDP; nominal GDP
D
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One of the ways the market for used cars copes with the problems associated with private information is through the offering of
A) leases. B) warranties. C) low interest rates. D) low prices.
Shortage means the same thing as scarcity
Indicate whether the statement is true or false
According to Joseph Schumpeter, which of the factors of production is central to economic growth?
A) natural resources B) land C) labor D) the entrepreneur
Which of the following statements best describes excess demand, or shortage?
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus. b. The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus. c. The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus. d. The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.