The CPI is a measure of the overall cost of the goods and services bought by
a. a typical consumer, and the CPI is computed and reported by the Department of the Treasury.
b. typical consumers and typical business firms, and the CPI is computed and reported by the Department of the Treasury.
c. a typical consumer, and the CPI is computed and reported by the Bureau of Labor Statistics.
d. typical consumers and typical business firms, and the CPI is computed and reported by the Bureau of Labor Statistics.
c
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The consensus of major econometric models is that monetary policy has
A) no effect on real GDP. B) an effect on real GDP only in the long run. C) a negative effect on real GDP. D) a substantial short-run effect on real GDP.
According to Keynes, involuntary unemployment is possible because of
A) the existence of capital markets. B) long-term labor contracts and the existence of labor unions. C) government interference in the market economy. D) inflation.
The sum of consumption and investment is: a. total production. b. aggregate supply
c. aggregate disposable demand. d. aggregate expenditures.
If labor is measured along the horizontal axis and capital is measured along the vertical axis, an increase in the wage rate will cause the isocost line to:
A. rotate clockwise, causing the firm to use less labor and more capital. B. rotate counterclockwise, causing the firm to use less labor and more capital. C. rotate clockwise, causing the firm to use less capital and more labor. D. rotate counterclockwise, causing the firm to use less capital and more labor.