Which of the following would be included in the GDP Price Index, but not the Consumer Price Index?
a. The price of a pair of shoes
b. The price of coffee
c. The price of a used car
d. The price of a bar of soap
e. The price of an aircraft carrier
E
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Which of the following is false?
A. Profit is maximized when MR = MC for both monopolies and perfect competition firms B. Both monopolies and perfect competition firms earn zero profit in the long run C. At equilibrium, price is higher than marginal cost for monopolies but not for competitive firms D. Monopolies profit maximize and perfect competitive firms output maximize
What is the percentage of income received by the middle three quintiles on line Z?
If new production technology is put into practice that allows workers to increase their productivity and process more chickens per hour, then the real wage of unskilled workers in poultry processing plants is predicted to ________ and the employment of unskilled workers in poultry processing plants is predicted to ________.
A. increase; decrease B. decrease; decrease C. increase; not change D. increase; increase
A monopoly has produced a product with a patent for the last few years. The patent is going to expire. What will likely happen to the demand for the patent-holder's product when the patent runs out?
A. Nothing. B. Demand will increase. C. Demand will decline. D. None of the answers is correct.