Which of the following agencies calculates the CPI?
a. the National Price Board
b. the Department Of Weight and Measurements
c. the Bureau of Labor Statistics
d. the Congressional Budget Office
c
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If quota rights accrue to foreigners, then _____.
A) the domestic economy is better off with a quota than with a tariff B) the domestic economy is worse off with a quota than with a tariff C) consumer surplus and economic welfare increase D) production costs decrease E) part of the decrease in consumer surplus is redistributed to the domestic government
A depreciating nominal exchange rate results from
A) a depreciating real exchange rate. B) a low domestic inflation rate relative to the foreign inflation rate. C) an appreciating real exchange rate. D) a large government budget deficit.
Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is TRUE?
A) The production function has decreasing returns to scale. B) The production function has increasing returns to scale. C) The production function has constant returns to scale. D) Returns to scale vary with the level of output.
Large or persistent inflation is almost always caused by
a. excessive government spending. b. excessive growth in the quantity of money. c. foreign competition. d. higher-than-normal levels of productivity.