The acronym HICP stands for:
(a) Harmonised Index of Consumer Prices;
(b) Higher Institute for Central Planning;
(c) Harmonised Index of Current Production;
(d) Hyper-Inflation Control Programme.
Answer: (a) Harmonised Index of Consumer Prices;
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A decrease in aggregate demand results in a(n) ________ in the ________
A) expansion; long run B) recession; short run C) expansion; short run D) recession; long run
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
The government of a country, which has adopted American GDP accounting conventions, reported that seasonally adjusted GDP in quarter 3 was $48 billion at an annual rate. This means that the seasonally-adjusted market value of all final goods and services produced within this country in quarter 3 was
a. $4 billion. b. $12 billion. c. $16 billion. d. $48 billion.
To calculate GDP it is necessary to add up the value of all the
What will be an ideal response?