The GDP Deflator reflects
a. the prices of all final goods and services currently produced domestically, as does the CPI.
b. the price of a fixed basket of goods and services purchased by a typical consumer, as does the CPI.
c. the prices of all final goods and services currently produced domestically, while the CPI reflects the price of a fixed basket of goods and services purchased by a typical consumer.
d. the price of a fixed basket of goods and services purchased by a typical consumer, while the CPI reflects the prices of all final goods and services produced domestically.
c
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The physical or perceived differences between goods in a market that makes them close, but not perfect, substitutes are called
a. complementary goods b. substitute goods c. natural differentiation d. oligopolistic differentiation e. product differentiation
After 2012 when the U.S. economy recovered,
a. the budget deficits shrank, and the increases in the debt-to-GDP ratio became larger. b. the budget deficits grew, and the decreases in the debt-to-GDP ratio became larger. c. the budget deficit shrank, and the increases in the debt-to-GDP ratio became smaller. d. the budget deficits grew, and the decreases in the debt-to-GDP ratio became smaller.
If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is
A) a downward-sloping curve that is bowed outward. B) a downward-sloping curve that is bowed inward. C) a downward-sloping straight line. D) an upward-sloping straight line.
Congressional repeal of an executive action taken in the course of administering a law is known as a
a. line-item veto. b. legislative veto. c. discretionary veto. d. political veto.