The GDP Deflator is different than the CPI in that
A. the GDP deflator uses last year's prices and the present year's production, whereas the CPI uses present prices.
B. the GDP deflator doesn't include food and energy prices.
C. the CPI is chain-based.
D. the CPI includes things businesses buy, while the GDP deflator does not.
Answer: A
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A decrease in the supply of labor will ________ real wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
In the textbook model of endogenous growth, long-run output growth would increase if there were either a ________ in the saving rate or a ________ in the depreciation rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
The National Collegiate Athletic Association (NCAA) has long argued that nationally-prominent college athletes are compensated with an investment in human capital that far exceeds the monetary reward of playing professional sports. Examine this argument in light of your knowledge of human capital theory and the economic theory of labor markets
Refer to the figure below.
When the market is unregulated, consumer surplus is represented by the area:
A. AGI B. DBC C. ABC D. AJE