The consumer price index (CPI) excludes all of the following goods and services except one. Which type of good is included in the CPI?
a. Raw materials
b. Imported goods purchased by consumers
c. Machinery purchased by firms
d. Goods purchased by the government
e. Intermediate goods
B
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Which of the following is an example of opportunity cost?
A. The income that could have been earned by working full-time instead of going to college. B. The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work. C. The value of other things you could have done with the same time and money it cost you to go to the movies. D. All of the choices are examples of opportunity cost.
The level of output determined by the intersection of the short-run aggregate supply curve and the aggregate demand curve
A) may be above, below, or equal to full-employment output. B) is always above full-employment output. C) is always below full-employment output. D) always corresponds to full-employment output.
Suppose at present people hold a quantity of money equal to 85% of nominal GDP. What happens to velocity if people wish to increase their money holdings to 80% of nominal GDP?
A) Velocity can increase or decrease depending on people's tastes and preferences toward money. B) Velocity is unaffected. C) Velocity increases. D) Velocity decreases.
The production effect of a tariff measures the welfare gain of domestic producers who can sell their product at a higher price as a result of the tariff.
Answer the following statement true (T) or false (F)