The household survey is compiled from firms who answer questions about the number of persons who are employed and on the company payroll
Indicate whether the statement is true or false
FALSE
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Most economists believe that price indices
A) understate inflation and understate growth in real GDP. B) understate inflation and understate growth in nominal GDP. C) overstate inflation and understate growth in real GDP. D) overstate inflation and understate growth in nominal GDP.
If the demand for a good is determined to be "elastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.
"Ceteris paribus" is a Latin expression that means "holding everything else constant."
a. True b. False Indicate whether the statement is true or false
Which of the following is not a resource for a society?
a. capital goods, like factories and machine tools b. entrepreneurship c. legal institutions d. labor