Which of the following price indexes is designed to measure changes in the prices of goods and services purchased by a typical individual?
A) Producer Price Index
B) Gross Domestic Product (GDP) Deflator
C) Index of Leading Economic Indicators
D) Consumer Price Index
D
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Which of the following is a recent trend in the labor market?
A) Low-skilled workers have lost jobs. B) The demand for high-skilled labor has increased as technology has increased. C) The wages of high-skilled labor have decreased. D) The marginal productivity of low-skilled workers has increased.
The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is also to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy b. collusive strategy c. tit-for-tat strategy d. repeated-trial strategy e. tacit strategy
Which of the following is most likely an example of the division of labor?
a. It is easier to be a wheat farmer in North Dakota than in Florida. b. If you live in or near a big city, it is easier to attract enough customers to operate a successful dry cleaning business or movie theater than if you live in a sparsely populated rural area. c. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables. d. Only those with medical degrees qualify to become doctors.
The interval between the recognition of a need for a policy change and when the policy change is instituted is called the:
a. recognition lag. b. impact lag. c. policy lag. d. administrative lag.