Which of the following is NOT a measure of the general level of prices?
A. GDP Deflator
B. Consumer Price Index
C. Producer Price Index
D. Personal Sales Deflator Index
Answer: D
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Firms spend significant amounts of time and resources developing pricing strategies
Indicate whether the statement is true or false
Sugarcane can be used for producing both sugar and ethanol. New regulations in certain countries now allow a higher level of ethanol in gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____
a. rise; rise. b. fall; fall. c. rise; fall. d. fall; remain the same.
Using the above figure, which of the lines in the above diagram represents a proportional tax?
A. A B. B C. C D. none of them
Refer to the diagram and assume that prices and wages are flexible both upward and downward in the economy. In the extended AD-AS model:
A. demand-pull inflation would involve a rightward shift of curve A, followed by a rightward
shift of curve C.
B. cost-push inflation would involve first a leftward shift of curve C, then a rightward shift of curve C.
C. recession would involve a leftward shift of curve A, followed by a leftward shift of curve C.
D. recession would involve a rightward shift of curve D, followed by leftward shifts of curves A
and C.