A measure of absolute price changes that excludes changes in energy and food prices is called:
A) fringe rate of inflation.
B) core rate of inflation.
C) overall inflation.
D) none of the above.
B
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Market allocation and the political process differ in that
a. competition is present in the market sector but not in the political sector. b. scarcity is a constraint in the market sector but not the political sector. c. there is a one-to-one link between payment for and receipt of a good in the market sector, but this is often not true in the political sector. d. in the political sector, voters have a strong incentive to acquire information that will help them make better decisions, but in the market sector, consumers do not have much incentive to acquire information.
The marginal product of labor is the additional:
A. output produced by one more worker. B. wage paid for an additional worker employed. C. wage paid for an additional hour of work. D. labor employed to produce one more unit of output.
Compared to the developing economies, the advanced economies have ________ human capital and ________ physical capital
A) more; more B) more; less C) the same; the same D) less; more E) less; less
Which of the following is not true?
a. In the 1950s, federal defense expenditures were larger than federal human resource expenditures.
b. In 1995, federal defense expenditures were less than five percent of GDP.
c. Federal expenditures on defense exceeded federal human resource expenditures until 1989.
d. Federal defense expenditures have been declining continuously since the 1950s.