In practice, the three measurements of inflation, the CPI, PPI, and GDP deflator:
A. all measure inflation, but focus on different parts of the economy.
B. are all positively correlated.
C. all closely track each other.
D. All of these statements are true.
Answer: D
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Here's what we know about last year's weekly demand for 2-night DVD rentals in the Village of Harmony: When P = $3, Qd = 100; at P = $5, Qd = 75; and when P = $7, Qd = 50. This year the village population has increased by 25%
What impact is this most likely to have? A) Each individual's demand for DVD rentals will increase. B) Each individual's demand curve for DVD rentals will shift to the left. C) The market demand curve for DVD rentals shifts left. D) The market demand for DVD rentals increases.
An increase in both equilibrium price and quantity is a consequence of a(n): a. increase in supply
b. increase in demand. c. decrease in demand d. decrease in supply
Economists place cartels among the least-desirable forms of market organization
a. True b. False Indicate whether the statement is true or false
If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. either elastic or inelastic. B. elastic. C. inelastic. D. unit elastic.