The Producer Price Index (PPI) is the best index to measure average price changes faced by
A. Producers.
B. Consumers.
C. Importers.
D. Labor unions negotiating COLAs.
Answer: A
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A perfectly elastic demand curve
a. Is a horizontal line parallel to the x axis b. Has an elasticity of demand between 0 and 1 c. Is the demand curve of a product that usually has no substitutes d. None of the above
In the decade immediately following emancipation, former slaves
a. were willing to work under the gang system in return for wages and benefits. b. decreased their labor supply. c. obtained ownership of roughly 40 percent of southern farms. d. moved to northern states in large numbers.
During inflation, the optimal discretionary fiscal policy would be _____
a. to decrease taxes b. to increase government spending c. to decrease the reserve ratio d. to increase taxes e. to decrease the market interest rate
Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.
What will be an ideal response?