Which of the following indices best signals future movements in retail prices?
a. The implicit GDP deflator
b. nominal GDP
c. The consumer price index
d. The producer price index
e. The measure of economic welfare (MEW)
D
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Refer to Game Matrix V. Which of the following values of X and Y result in the only Nash Equilibrium being (No, No) and there also being a Prisoners’ Dilemma?
a. X = 21, Y = 9.
b. X = 19, Y = 11.
c. X = 31, Y = 11.
d. It is not possible for (No, No) to be a Nash Equilibrium and for there to be a Prisoners’ Dilemma.
If the government wished to shift aggregate demand to the right, it might:
A. increase government spending. B. increase income taxes. C. pressure the Fed to decrease the money supply. D. Any of these things might cause aggregate demand to shift to the right.
Quebec is capable of producing 10 pallets of wood shingles or 8 barrels of maple syrup with a unit of labor. Vermont is capable of producing 12 pallets of wood shingles or 12 barrels of maple syrup with a unit of labor. Assume that this is typical of
the labor force as a whole. Which location has the absolute advantage and which has the comparative advantage, in the production of each good? Can these locations reap gains from trade?
The sum of capital inflows and the trade balance must be zero
a. True b. False Indicate whether the statement is true or false