The Consumer Price Index measures
A. hourly wage rates of manufacturing workers.
B. the average of the prices of all goods produced in a country and goods imported from other countries.
C. the average of raw material prices paid by producing firms.
D. the level of prices with respect to goods and services purchased by a typical consumer in urban areas.
Answer: D
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Suppose an economist stated that Brazil had achieved its potential GDP 2013. This would imply that at this level of real GDP, Brazil experienced
A) peak in its business cycle in 2013. B) unemployment equal to zero. C) inflation equal to zero. D) full employment. E) a negative Okun Ga
An upper limit to the quantity of a good that may be produced in a specific period is called
A) production quota B) import quota C) price ceiling D) price floor
The interest rate that commercial banks charge each other for very short-term loans is called the:
A. federal funds rate. B. prime rate. C. bank loan rate. D. Federal Reserve discount rate.
You and two friends are going to the movies and are going to one of three movies: A, B, or C. You prefer movie A to movie B and movie B to movie C. One of your friends prefers movie B to movie C and movie C to movie A. You other friend prefers movie C to movie A and movie A to movie B. The three of you decide to use majority rule voting to decide which movie you will see. If you first have a vote between movies A and B and then between the winner of that vote and movie C, then movie ________ will win. However, if you first vote between movies A and C and then between the winner of that vote and movie B, then movie ________ will win. This is an example of the ________.
A. A; B; majority rule voting B. A; C; voting paradox C. C; B; voting paradox D. B; C; impossibility theorem