Services include all of the following EXCEPT
A. school tuition.
B. the face value of a corporate bond.
C. payment for a restaurant meal.
D. payment for a doctor's visit.
Answer: B
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The domestic currency price of a representative domestic expenditure basket is
A) P, the domestic price level. B) E, the nominal exchange rate. C) P times E, the domestic price level times the domestic price level. D) P , the foreign price level. E) P times E, the foreign price level times the nominal exchange rate.
The union participation rate in the United States is
a. highest among government employees b. highest among private sector workers c. highest in the smokestack industries d. highest in the service sector e. higher than in Sweden
The MU/P equalization principle means consumers will exhaust their expenditure budget so that, in the end, the MU/P ratio is:
a. zero for each good. b. higher for goods the consumer wants the most. c. maximized for the goods the consumer wants the most. d. higher than TU/P. e. the same for each good.
When a country imposes and maintains price controls, inflation
A) can never occur. B) will result in a general surplus of goods and services. C) is felt through long lines of people wanting to buy goods. D) has been legislated away.