Two alternative measures of the overall level of prices are
a. the inflation rate and the consumer price index.
b. the inflation rate and the GDP deflator.
c. the GDP deflator and the consumer price index.
d. the cost of living index and nominal GDP.
c
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Structural budget deficit is the hypothetical deficit we would have under current fiscal policies if the economy were operating near full employment.
Answer the following statement true (T) or false (F)
Which of the diagrams correctly portrays the demand (D) and marginal revenue (MR) curves of a purely competitive seller?
A. A.
B. B.
C. C.
D. D.
From 2000 to 2009, the net annual inflow of illegal immigrants has averaged about:
A. 250,000 per year B. 500,000 per year C. 750,000 per year D. 1 million per year
GDP understates the value of output produced by an economy because it
A) includes environmental degradation caused by increased output production. B) includes transactions that do not take place in organized markets, such as home-cooked meals. C) excludes value added from the underground economy, such as tips taken "under the table." D) excludes the value of the wages and benefits of government employees.