An important difference between the GDP deflator and the consumer price index is that
a. the GDP deflator reflects the prices of goods and services bought by producers, whereas the consumer price index reflects the prices of goods and services bought by consumers.
b. the GDP deflator reflects the prices of all final goods and services produced domestically, whereas the consumer price index reflects the prices of some goods and services bought by consumers.
c. the GDP deflator reflects the prices of all final goods and services produced by a nation's citizens, whereas the consumer price index reflects the prices of final goods and services bought by consumers.
d. the GDP deflator reflects the prices of all goods and services bought by producers and consumers, whereas the consumer price index reflects the prices of final goods and services bought by consumers.
B
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Caregivers for the disabled elderly are most likely to be:
a. Daughters or other female relatives and friends b. Sons or other male relatives and friends c. Spouses d. Assisted living attendants
The Cournot equilibrium can be found by treating ________ as a pair of simultaneous equations and by finding the combination of Q1 and Q2 that satisfy both equations
A) the reaction curves for firms 1 and 2 B) the market supply curve and the market demand curve C) the contract curve and the market demand curve D) the contract curve and the market supply curve E) the firm's supply curve and the firm's demand curve
Refer to the above figure. Demand will be inelastic when quantity is between
A) 0 and A. B) 0 and B. C) A and B. D) B and C.
John likes to buy cola every month. He prefers to spend $0.10 per can, but is willing to spend as much as $0.15 per can. Usually, a can of cola costs $0.12 . However, due to decreased demand, the price has dropped to $0.11 per can, increasing John's purchasing power. This is an example of the _____
a. income effect b. substitution effect c. accelerator effect d. wealth effect