When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index called the ________ is created.
A. consumer price index
B. GDP deflator
C. inflation index
D. index of leading indicators
Answer: B
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A price-discriminating monopoly charges
A) the same price to every buyer for the same product. B) a different price to different types of buyers for the same product, even though there are no differences in costs. C) a different price to different buyers, because the costs are different. D) different prices to buyers for different products. E) each customer a price that equals the marginal cost of serving that customer.
The spot rate is the rate at which foreign currencies will be exchanged a specified number of days in the future
Indicate whether the statement is true or false
Sue just quit her job as a librarian to pursue her lifelong dream of getting a job as a teacher. Sue would be considered:
A. frictionally unemployed. B. structurally unemployed. C. seasonally unemployed. D. Sue is not in the labor force.
In a free market economy, people are free to manufacture buses out of gold, rather than steel. So why aren't buses made out of gold?
A) Although it meets all economic laws, gold buses would violate the laws of physics and mechanical engineering. B) It is ridiculously unprofitable to make gold buses. C) The AFL-CIO wouldn't allow buses to be made from gold. D) There's only one individual with a patent on gold buses, and he refuses to sell it to other potential manufacturers.