The percentage rate of change in the price level is called the:
A. chain-weighted price index.
B. Consumer Price Index.
C. rate of inflation.
D. rate of absorption.
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Which of the following is a major reason for offshoring?
a. Increased global demand for services, b. Greater worldwide competition, c. The gradual diminishing of global technological advances, d. All of the above are reasons for offshoring.
A monopolist's profit-maximizing price and output correspond to the point on a graph
A) where average total cost is minimized. B) where total costs are the smallest relative to price. C) where marginal revenue equals marginal cost and charging the price on the market demand curve for that output. D) where price is as high as possible.
When the ratio of a housing price index to the GDP deflator is rising, this means that housing prices are rising faster than the overall price level.
Answer the following statement true (T) or false (F)