The primary purpose of measuring the overall level of prices in the economy is to
a. allow for the measurement of GDP.
b. allow consumers to know what kinds of prices to expect in the future.
c. allow for the comparison of dollar figures from different points in time.
d. allow for the comparison of dollar figures from the same point in time.
C
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When the wage rate rises, a worker is better off and thus chooses to have more leisure and more consumption. This phenomenon is known as
a. compensating differential. b. the income effect. c. the substitution effect. d. intertemporal substitution.
The range of output over which a firm's average variable cost is decreasing is the same as the range over which its
A) marginal cost is increasing. B) average fixed cost is decreasing. C) average product is increasing. D) average product is decreasing.
Why do the British supply pounds to the dollar-pound market?
a. To buy goods and services from American firms. b. To buy American assets. c. To buy stock in American firms on the London stock exchange. d. Both (a) and (b) are correct. e. None of the above.
Liquidity is:
A. sufficient liabilities to cover long-run assets. B. having assets that can be readily converted into cash. C. having liabilities that can be readily converted into cash. D. sufficient assets to cover long-run liabilities.