Although finished goods are scarce, the inputs to produce them are not scarce.
Answer the following statement true (T) or false (F)
False
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If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately
A) 4.5 percent. B) 5.0 percent. C) 10.0 percent. D) 15.0 percent.
If an automobile manufacturer has an agreement with its air bag supplier, this is an example of a ________ agreement.
A) rightward B) vertical C) horizontal D) leftward
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The Consumer Price Index (CPI) differs from a chain-weighted price index in that the CPI:
A. requires calculation of GDP, while the chain-weighted index does not. B. measures the costs of a typical fixed basket of goods over time, while the chain-weighted index does not. C. allows for the goods consumed in an economy to change over time, while the chain-weighted index does not. D. compares the prices of all goods in one year to the prices of all goods in other years.