The parity ratio initially stood at 0.50. Then after several years, the prices received by farmers doubled while the prices they paid tripled. This will bring the parity ratio to:
A. 0.25
B. 0.33
C. 0.75
D. 0.80
B. 0.33
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Initially, demand-pull inflation will
A) increase both the price level and increase real GDP. B) shift the aggregate supply curve rightward. C) decrease potential GDP. D) increase the price level and decrease real GDP. E) increase the price level and not change real GDP.
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
Increases in __________ have been responsible for most of the economic growth in the U.S. over the last 50 years
a. imports. b. productivity. c. average hours. d. the employment-to-population ratio. e. tax revenues.
Which of the following is correct?
a. There is consensus among economists that unions are good for the economy. b. There is consensus among economists that unions are bad for the economy. c. There is consensus among economists that, on net, unions have almost no impact on macroeconomic variables. d. There is no consensus among economists about whether unions are good or bad for the economy.