Which price index published by the US federal government represents wholesale price changes?
A) Consumer Price Index
B) Producer Price Index
C) GDP deflator
D) Dow-Jones Industrial Average
B
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Refer to the production possibilities frontier in the figure above. Which production point indicates that resources are NOT fully utilized or are misallocated?
A) point a B) point b C) point c D) point e
At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's capital stock at the end of year equals
A) 1 machine. B) 2 machines. C) 3 machines. D) 6 machines.
An increase in the inflation rate results in ________ in the quantity of real GDP demanded because a higher price level ________
A) an increase; increases consumption and investment B) a decrease; increases consumption and investment C) a decrease; reduces consumption and investment D) an increase; reduces consumption and investment
The potential for a decline in product quality due to asymmetric information is commonly referred to as
A) the lemons problem. B) planned obsolescence. C) diminishing marginal product. D) the externality problem.