The CPI is also referred to as
A) the inflation-consumption index. B) the producer price index.
C) the cost-of-living index. D) the GDP deflator.
C
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When differences in land quality and access to marketplaces are very large and population grows rapidly, the conditions are ripe for
a. increasing differential and location rents b. decreasing differential and location rents c. decreasing differential rents and increasing location rents d. increasing differential rents and decreasing location rents e. marginal physical product of land to increase
Which of the following statements is correct?
a. Assuming that explicit costs are positive, economic profit is greater than accounting profit. b. Assuming that implicit costs are positive, accounting profit is greater than economic profit. c. Assuming that explicit costs are positive, accounting profit is equal to economic profit. d. Assuming that implicit costs are positive, economic profit is positive.
The Federal Open Market Committee:
A. is responsible for monitoring how goods and services are being sold on the open market. B. is responsible for regulatory oversight and implementation of monetary policy of regional banks. C. is the most important policy-making body of the Federal Reserve. D. includes all regional bank presidents and the Board of Governors.
In the long run, which of the following depends primarily on the growth rate of the money supply?
a. the natural rate of unemployment and the inflation rate b. the natural rate of unemployment but not the inflation rate c. the inflation rate but not the natural rate of unemployment d. neither the natural rate of unemployment nor the inflation rate