Hedonic pricing is used to
A) convert nominal values to real values.
B) calculate the difference between nominal GDP and real GDP.
C) measure the rate of change in real GDP.
D) obtain chain-weight indexes.
E) none of the above
E
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Answer the following statement(s) true (T) or false (F)
1. On average over all goods, it has been found that as people become wealthier, expenditures for higher quality grow more rapidly than expenditures for increased quantity. 2. The cross elasticity between California and Florida oranges is likely to be negative because they are substitutes for one another. 3. If the cross price elasticity of demand is negative, then the two goods under consideration must be complements. 4. If the cross-price elasticity for oranges with respect to apples is 1.2 and the price of apples increase by 5%, then we can expect the quantity demanded of oranges to decrease by 6%.
Peter Theil sees monopolies as:
A. solving a unique problem for consumers. B. bad for business. C. bad for consumers. D. bad for society.
In the above figure, which point represents a situation with significant shortages of labor, capital, and other resources?
A) point F B) point G C) point I D) point K
According to the real business cycle theory, the supply side shock from dramatic increases in oil prices in the 1970s led to higher unemployment because
A) when the real wage, W/P, fell, workers chose leisure. B) when the real wage, W/P, rose, workers chose leisure. C) workers increase Pe. D) None of the above.