The indices that are based on a fixed market basket of goods and services are
A. CPI, PPI and GDP deflator.
B. CPI and GDP deflator.
C. CPI and PPI.
D. PPI and GDP deflator.
Answer: C
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In the above figure, if the market is competitive and unregulated, then at the equilibrium amount of output the marginal social benefit is
A) less than the marginal cost to producers. B) greater than the marginal social cost. C) equal to the marginal cost to producers. D) equal to the marginal private benefit from consumption.
A perfectly competitive firm shuts down in the short-run when the market price is less than the average variable cost
a. True b. False Indicate whether the statement is true or false
Look at the five goods below to determine which of the five best fits the following statement: How much people spend on a good tends to be independent of its price
a. birthday candles b. automobile c. mattress d. lobster dinner e. rock concert
Normative statements are not
a. descriptive. b. prescriptive. c. claims about how the world should be. d. made by economists speaking as policy advisers.