While the CPI focuses on changes to prices for consumers, the PPI:
A. looks specifically at the price changes that affect the typical producer.
B. stands for the producer price index.
C. measures the prices of goods and services purchased by firms.
D. All of these statements are true.
Answer: D
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Refer to the figure above. What is the quantity effect of a price increase from $3 to $5?
A) $200 B) $600 C) $800 D) $1,000
When consumption is rival and excludable, the product is a
A) public good. B) private good. C) mixed good. D) service, not a good.
During the 1930s,
a. ordinary citizens were not allowed to hold gold. b. the US government fixed the price at which the Treasury would by and sell gold. c. production of gold soared. d. All of the above are correct. e. Only a and b are correct.
Suppose a 10-mile taxi ride costs £6.50 in London and $10.00 in Los Angeles. If the exchange rate is £1 = $1.70 purchasing power parity holds
a. True b. False Indicate whether the statement is true or false