Which of the following is the most accurate statement?
a. In the 1970s, the late 1980s, 1990s, and 2000s, the GDP deflator and the CPI both showed high rates of inflation.
b. In the 1970s, both the GDP deflator and the consumer price index showed high rates of inflation, and in the late 1980s, 1990s, and 2000s, both measures showed low rates of inflation.
c. In the 1970s, both the GDP deflator and the consumer price index showed low rates of inflation, and in the late 1980s, 1990s, and 2000s, both measures showed high rates of inflation.
d. In the 1970s, the late 1980s, 1990s, and 2000s, the GDP deflator and the CPI both showed low rates of inflation.
b
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The presence of involuntary part-time workers
a. causes the official unemployment rate to underestimate actual unemployment b. causes the official unemployment rate to overestimate actual unemployment c. has no effect on the accuracy of the official unemployment rate d. is accounted for in the official unemployment rate e. is insignificant in the U.S. economy and thus is no cause for concern
If we are on the upper portion of the market demand curve (above the midpoint) and the price increases by 10%, the quantity demanded will decrease by more than 10%.
Answer the following statement true (T) or false (F)
The factor accounting for the largest increase in the productivity of labor in the United States has been:
A. technological advance. B. improved resource allocation. C. the quantity of capital. D. the education and training of workers.
In a pure capitalist economy, "what to produce" is determined by
A. government central planning committees. B. the price mechanism. C. the credo: "Each according to his ability, to each according to his needs". D. all of the choices are true.