The Fisher index
A) uses the arithmetic mean of the Paasche index and the Laspeyres index.
B) uses the standard deviation of the Paasche index and the Laspeyres index.
C) uses the geometric mean of the Paasche index and the Laspeyres index.
D) uses the harmonic mean of the Paasche index and the Laspeyres index.
C
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Microeconomics deals with the analysis of all of the following issues except
a. wage determination of carpenters b. unemployment during the Great Depression c. how Ford prices its cars d. the decision a college student makes concerning his or her consumption e. how monopoly and competitive markets differ
Changes in which of the following will not cause the SRAS curve to shift?
A) the wage rate B) prices of nonlabor inputs C) the price level D) productivity E) All of the above will cause the SRAS curve to shift.
Some economists believe the economy is self-regulating. What does this mean?
A) It means the economy can remove itself from recessionary and inflationary gaps and produce at Natural Real GDP. B) It means the economy is always in long-run equilibrium producing Natural Real GDP. C) It means that inflationary gaps naturally change into recessionary gaps. D) It means that recessionary gaps naturally change into inflationary gaps. E) c and d
As a result of the superb economics essay that you wrote during this quarter, you won the Adam Smith prize of $100. The receipt of these funds would be an example of
A. a pure substitution effect. B. the income effect being stronger than the substitution effect. C. a pure income effect. D. the substitution effect being stronger than the income effect.