In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the
a. GDP deflator rises much more than does the consumer price index.
b. consumer price index rises much more than does the GDP deflator.
c. GDP deflator and the consumer price index rise by about the same amount.
d. consumer price index rises slightly more than does the GDP deflator.
b
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Sumptuary taxes are often justified on the grounds that _____
a. bad activities should be discouraged b. the rich should pay more c. the poor should pay less d. merit goods need encouragement
Economists segment the business cycle into phases and the phase characterized by a relatively high level of real GDP, full employment, and inflation identifies
a. recovery b. demand-pull inflation c. stagflation d. expansion e. prosperity
Over the past fifty years, convergence has generally occurred for all of the following groups of countries with the exception of
A) the five richest countries. B) European countries. C) the 'four tigers' in Asia. D) OECD countries. E) none of the above
The profitability of the second mover in a Stackelberg model is
A) guaranteed to be negative. B) smaller than that of the first mover. C) greater than that of the first mover. D) greater than the Cournot profits.