The ________ is a measure of the price level and is calculated by dividing ________ by ________ and multiplying by 100
A) CPI; real GDP; nominal GDP
B) GDP deflator; real GDP; nominal GDP
C) GDP deflator; nominal GDP; real GDP
D) PPI; nominal GDP; real GDP
E) PPI; real GDP; nominal GDP
Answer: C
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The long run supply curve for a constant cost industry is:
a. horizontal. b. upward sloping. c. vertical. d. downward sloping.
Refer to the diagrams. The location of curve B depends on the:
A. level of real GDP.
B. location of curve A only.
C. interest rate only.
D. interest rate together with the location of curve A.
Refer to the above figure. It represents supply and demand for The Black Ash Steel Company's output. The firm's plant belches large quantities of smelly fumes and black ash into the air
Residents in the surrounding area have higher medical bills as a result. If the firm is forced to pay the full social cost of its production, what will occur? A) Black Ash's supply curve will shift from SA to SB. B) Demand for the firm's steel will shift to the left. C) The company's supply curve will shift from SB to SA. D) Black Ash will increase its own output to cover the cost increase.
The size of a country's GDP is the best way to identify a less-developed country
Indicate whether the statement is true or false