The GDP deflator is a measure of the
A) total production of the economy adjusted for inflation.
B) total production of the economy unadjusted for inflation.
C) average level of prices of final goods and services in the economy.
D) average level of prices of intermediate goods and services in the economy.
Answer: C
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Total utility is best defined as the
A. additional satisfaction received from consuming an additional unit of a good or service. B. maximum amount of satisfaction from consuming a product. C. change in marginal utility multiplied by the price of a product. D. total satisfaction received from consuming a good, service, or combination of goods and services.
A . What is a consent decree? b. Why would the FTC agree to a consent decree? c. What is the problem with consent decrees?
Refer to Table 15-1. What is the firm's profit-maximizing output and what is the price charged to sell this output?
A) P = $65; Q = 14
B) P = $70; Q = 13
C) P = $80; Q = 11
D) P = $85; Q = 10
The Lorenz curve:
A. is an absolute measure of income inequality. B. is a relative measure of income inequality. C. has elements of absolute and relative measures. D. takes into account changes in the standard of living.