The broadest indication of economy-wide inflation is captured by the
A. Producer Price Index.
B. Personal Consumption Expenditure Index.
C. Gross Domestic Product (GDP) deflator.
D. Consumer Price Index.
Answer: C
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Which of the following goods is an example of a good that is nonexcludable but not nonrivalrous?
a. National defense. b. A fishing lake. c. A lighthouse. d. A radio broadcast.
What are two ways that raising taxes on the rich can harm society?
What will be an ideal response?
After firm A acquired firm B, it raised the prices for the goods produced by both firms. This can increase profits if those goods are
a. Substitutes b. Complements c. Not related d. None of the above
Adam Smith stated, "The man of system is apt to be very wise in his own conceit. He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board.". Which is true of this statement?
a. Keynes would tend to agree with the statement; Heyek would disagree with it. b. Keynes would tend to disagree with the statement; Hayek would agree with it. c. As the rap video indicates, both Keynes and Hayek strongly agree with this statement. d. As the rap video indicates, both Keynes and Hayek strongly disagree with this statement.