The index most widely used by the government and the private sector to measure changes in the cost of living is the:
A. Producer Price Index.
B. Consumer Price Index.
C. the GDP deflator.
D. the chain-weighted price index.
Answer: B
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In the above figure, the vertical distance between the ATC and AVC curves is
A) the marginal cost. B) the total cost. C) the average fixed costs. D) None of the above answers is correct.
Where does the World Bank get its funds?
A) from selling internal reports to the public B) from tariffs collected on goods traded internationally C) from governments of the wealthiest nations and from private financial markets D) from seizing dead capital in developing nations and selling it at auction
In 1963 the U.S. poverty standard was equal to
A. $10,000 per year. B. $1,000 per year. C. $22,000 per year. D. $3,000 per year.
If a monopolistically competitive firm is earning profits in the short run:
A. it is acting like a perfectly competitive firm. B. other firms have an incentive to enter the market. C. barriers to entry will allow the firm to enjoy them in the long run as well. D. it should leave the industry before it gets competed away.