Unanticipated inflation arbitrarily:
A. "Subsidizes" those who receive fixed money incomes
B. "Taxes" those who receive fixed money incomes
C. "Penalizes" those who borrow money
D. "Benefits" those who save money
B. "Taxes" those who receive fixed money incomes
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Nominal GDP was $12.1 trillion and real GDP is $11 trillion. The GDP price index is ________
A) 90.1 B) 121.0 C) 1.10 D) 91.0 E) 110.0
The clearest sign of economic growth is a(n)
a. increase in nominal GDP. b. increase in real GDP. c. decrease in nominal GDP. d. increase in nominal GDP.
ZappIt Co produces limited edition action figures and is willing to receive $100 per figure. In 2015, the market price for an action figure went up from $125 to $150 . In 2016, the market price for an action figure decreased from $150 to $130 . The producer surplus received by ZappIt Co _____
a. increased in 2015, but decreased in 2016 b. decreased in both 2015 and 2016 c. decreased in 2015, but increased in 2016 d. increased in both 2015 and 2016
A package delivery service uses vans and employees to deliver the maximum number of packages given a fixed budget. The last van added 600 packages to total output, while the last employee added 500 packages. If vans cost $400 per week and employees earn $300 per week, the firm
A. could deliver more packages with the same budget by using more employees and fewer vans. B. could deliver more packages with the same budget by using more vans and fewer employees. C. should use more vans and fewer employees because the last dollar spent on vans added more to total output than the last dollar spent on employees. D. is delivering the maximum number of packages given the fixed budget. E. both b and c