Which price index is not affected by the cost of imports?
a) the consumer price index
b) the retail price index
c) the wholesale price index
d) the producer price index
e) the GDP deflator
e) the GDP deflator
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The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 The government is spending the socially optimal amount on:
A. public good 3. B. public good 1. C. public good 2. D. public good 1 and public good 2.
The income-expenditure multiplier leads to greater than one-for-one changes in output when spending changes because:
A. multiple deposits are generated when new reserves are produced through fractional reserve banking. B. the direct changes in spending change the income of producers which leads to additional changes in spending. C. real output continues to adjust until it equals nominal output. D. change the income of producers leads to additional tax revenue for the government, which will changes their level of spending.
Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool
A) down and to the left B) up and to the right C) up and to the left D) down and to the right
Suppose the Herfindahl-Hirschman Index (HHI) in the market for chocolate is 3,200. Two companies want to merge. The FTC definitely will challenge the merger if it increases the HHI by more than
A) 150 points. B) 100 points. C) 40 points. D) 200 points.