The economic indicator which uses a weighted-average to compute changes in the general price level is called....
a. the GPI
b. the HDI
c. the BLI
d. the CPI
Ans: d. the CPI
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When used in a professional or technical sense, the law of supply and demand refers to
A. some vague influences on economic affairs. B. the fact that prices go up when commodities are scarce. C. the market forces that show how prices and quantities are determined. D. the controls that regulate the amount of scarce goods that each consumer can purchase.
Babysitting services the oldest son provides his parents
A) does not count as real GDP nor nominal GDP. B) counts as real GDP and nominal GDP. C) counts in both real and nominal GDP only if the son is not paid. D) counts as real GDP but not nominal GDP. E) counts as nominal GDP but not real GDP.
Between 1930 and 1933, many banks in the U.S. failed because: a. the FDIC moved too slowly to prevent the bank failures
b. most bankers were either corrupt or incompetent. c. of excessive regulation by the federal government. d. people shifted their funds to take advantage of rising stock market prices. e. people lost confidence in them.
How is the current demand for a good related to its future price?
a. If the price is expected to drop, current demand will fall. b. If the price is expected to drop, current demand will rise. c. If the price is expected to rise, current demand will fall. d. Current demand is not related to future price.