The consumer price index is calculated by the:
A. National Bureau of Economic Research.
B. Congressional Budget Office.
C. Social Security Office.
D. Bureau of Labor Statistics.
Answer: D
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Scientists are very hesitant to base any knowledge on heuristic models because:
A. it is easy to believe a story and make sense of it within its own frame. B. they contain too many equilibria. C. they do not contain any implications for government policy and influencing choice. D. they only use the deductive approach.
Which of the following is not a macroeconomic statement?
A. Congress increased the minimum wage rate in January. B. Jenny's wage rate rose, and in response, she decided to work more hours. C. The unemployment rate for the United States rose to 5 percent in the last quarter. D. The Federal Reserve lowered interest rates at its last meeting.
Use the following graph to answer the next question.
Which of the following factors will shift AS1 to AS2?
A. A decrease in business subsidies B. An increase in real interest rates C. A decrease in business taxes D. An increase in input prices
What is purchasing power parity? Why might it not hold?
What will be an ideal response?