The index most widely used by the government and the private sector to measure changes in the cost of living is the
A) Consumer Price Index. B) Producer Price Index.
C) the chain-weighted price index. D) the GDP deflator.
A
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One result of the agriculture price supports cited in the text is that
A) sometimes surplus food is given away. B) food shortages result in most cases. C) small farms receive most of the benefits. D) none of the above.
A stove is produced by a firm in 2014, added to the firm's inventory in 2014, and sold to a household in 2015 . It follows that
a. the value of the good is added to the investment category of 2014 GDP, added to the consumption category of 2015 GDP, and subtracted from the investment category of 2015 GDP. b. the value of the good is added to the investment category of 2014 GDP, added to the consumption category of 2015 GDP, and not included in the investment category of 2015 GDP. c. the value of the good is added to the investment category of 2014 GDP, subtracted from the consumption category of 2015 GDP, and not included in the investment category of 2015 GDP. d. the value of the good is added to the investment category of 2014 GDP, subtracted from the consumption category of 2015 GDP, and added to the investment category of 2015 GDP.
An oligopsony exists if
A. Only one firm accounts for most of the industry's employment. B. There is no buyer concentration in the labor market. C. Only a few firms produce most of the industry's output. D. Only a few firms account for most of the industry's employment.
In order to calculate the price level, which of the following would you need to know?
a. the levels of supply and demand for all goods and services in the economy b. the rate of inflation c. the prices of all of the goods and services in the economy d. the level of the money supply in the economy