Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. price of gas
B. GDP growth
C. nominal GDP
D. CPI
Answer: D
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Assume that GDP = $10,000 and the MPC = 0.75. If policy makers want to increase GDP by 30 percent, by how much should they decrease taxes?
A) $300 B) $750 C) $1,000 D) $3,000
The Bretton Woods system relied on
A) a flexible exchange-rate system. B) a floating exchange-rate system. C) a fixed exchange-rate system. D) an exchange-rate union.
An optimum that occurs as a corner solution
A) includes only one good. B) cannot be an equilibrium. C) cannot exhaust the budget constraint. D) includes the exact same amounts of each good.
In the short run, firms earning a profit will want to ________ their profits while firms suffering losses will want to ________ their losses.
A. minimize; minimize B. maximize; minimize C. minimize; maximize D. maximize; maximize