The GDP deflator provides a measure of which of the following?
A) the ratio of GDP to the size of the population
B) the ratio of GDP to the number of workers employed
C) the ratio of nominal GDP to real GDP
D) the price of a typical consumer's basket of goods
E) real GDP divided by the aggregate price level
C
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Fiscal policy is most effective when exchange rates are fixed
Indicate whether the statement is true or false
Once the profit-maximizing output where MR = MC is determined, price is set by
A. adding a standard markup percentage to marginal cost. B. the demand curve. C. making it equal to MR = MC. D. subtracting the marginal cost from total revenue.
The distribution of income in a market economy is primarily determined by differences in
a. effort and sacrifice and intelligence with the most important factor being intelligence since human capital is a resource b. the level of needs of the average or median income individual when selling her labor c. resource ownership and the value that resources buyers place on the resources that are sold in the marketplace d. the level of government intervention in the economy as it relates to job openings e. the amount of time that an individual spends working and the intensity of this effort
The government office in charge of collecting official employment statistics is the:
A. Bureau of Labor Statistics. B. Bureau of Economic Analysis. C. Bureau of Industry and Security. D. Bureau of the Census.