Microeconomic topics do not usually include:
a. how wages are determined in the labor market
b. the magnitude of national income.
c. how firms choose output to maximize profits.
d. how consumers maximize utility subject to a budget constraint.
b
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The circular flow diagram shows
A) how nominal GDP is distinct from real GDP. B) how the prices of factors are determined. C) the effects of inflation in a simple economy. D) the flows between different sectors of the economy.
In April 2014, the money price of a carton of milk was $2.01 and the money price of gallon of gasoline was $3.63 . Calculate the relative price of a gallon of gasoline in terms of milk
What will be an ideal response?
The GDP deflator represents a somewhat ____ measure of prices that the CPI and the GDP deflator tends to be ____ volatile than the CPI
a. broader; more b. broader; less c. narrower; more d. narrower; less
An example of an in-kind benefit is
a. a welfare payment. b. capital gains. c. a charitable contribution of money. d. public housing.