Which of the following price indexes is designed to measure changes in the prices of goods and services purchased by a typical individual?
A. Index of Leading Economic Indicators
B. Producer Price Index
C. Consumer Price Index
D. Gross Domestic Product (GDP) Deflator
Answer: C
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Refer to Figure 4.7. You will receive a payoff of -5 points if you ask for points and so do ________ of your classmates
A) 3 B) 4 C) 5 D) none of the above
If sellers have more information about the quality of goods than do buyers, then:
A. sellers of better-than-average goods will have difficulty getting their asking price. B. buyers will never make purchases. C. buyers always will be exploited. D. sellers of lower-than-average goods will have difficulty getting their asking price.
In order for an economy to increase its production possibilities, the economy must
A. increase its wants. B. reduce output. C. be very efficient. D. increase inputs.
The large trade deficit that the United States has with China persists in part because:
A. the U.S. economy has grown slowly in recent years. B. China has fixed its exchange rate to a basket of currencies that includes the dollar, and has not allowed the yuan to appreciate relative to the U.S. dollar. C. China has experienced rapid economic growth over the past decade. D. China has recently imposed or increased tariffs on most goods imported from the United States.