The producer price index measures the prices that firms
A) pay for imported natural resources that go into the production process.
B) receive for the goods and services they export.
C) receive for the goods and services they use at all stages of production.
D) pay for labor, whether or not the labor is foreign or domestic.
Answer: C
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Three possibilities are equally likely and have payoffs of $3, $6, and $9 . The expected value is:
a. $4 b. $5 c. $6 d. $7
The SRAS would be vertical: a. if there was no profit effect
b. if there was no misperception effect. c. if there was no profit effect or misperception effect. d. under no conceivable set of circumstances.
The long-run aggregate supply curve represents:
A. potential output in the economy. B. a production function for the entire economy. C. the level of output possible if the economy is operating at full capacity. D. All of these are true.
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517John's benefit from his first hour cleaning windows is:
A. $7 B. $14 C. $18 D. $2.