Which of the following is NOT a source of bias in the CPI?
i. quality change bias
ii. new goods bias
iii. quantity change bias
A) ii and iii B) iii only C) i only D) ii only E) i and ii
B
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The above table gives information for the nation of East Hampton
a. Find aggregate planned expenditure for each level of real GDP. b. What is the MPC? c. What is the equilibrium level of real GDP?
If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs is using an all-or-nothing pricing scheme. B) Best Dogs' customers are spending the consumer surplus they would have received on the first few hot dogs on the last few hot dogs. C) Best Dogs has market power. D) Best Dogs is trying to prevent arbitrage.
QN=72 (17786) If you buy a burger and fries at your favorite fast food restaurant,
a. then neither GDP nor consumption will be affected because you would have eaten at home had you not bought the meal at the restaurant. b. then GDP will be higher, but consumption spending will be unchanged. c. then GDP will be unchanged, but consumption spending will be higher. d. then both GDP and consumption spending will be higher.
Goods and services purchased from international sources are
A. Net imports. B. Net exports. C. Exports. D. Imports.