The GDP deflator is a measure of
A) taxes and subsidies.
B) changes in quantities.
C) prices.
D) depreciation.
E) changes in nominal GDP.
C
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Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is the profit-maximizing sales quantity for baseball gloves?
A. 10 B. 20 C. 30 D. 60
What is the equilibrium price and quantity of CFC-11 before the excise tax?
Consider the following market for CFC-11, a known ozone-depleting substance: Demand: Q= 20 – 1.5P Supply: Q= 5+0.5P whereP is price per pound. Assume the governmental authority imposes a $5 per pound excise tax on CFC-11, which shifts the supply function to Q’ = 2.5 +0.5P.Use this information for any or all of the next three questions below. a. P = $8.75; Q = 5 c. P = $6.875; Q = 8.75 b. P = $7.5; Q = 8.75 d. none of the above
Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.
The consumer price index measures the prices of:
What will be an ideal response?