The equation GDP = C + I + G + NX best describes the
a. the output approach to measuring GDP
b. the factor payments approach to measuring GDP
c. the value added approach to measuring GDP
d. the expenditures approach to measuring GDP
e. the exchanges approach to measuring GDP
D
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The association of each quantity of a variable input, like labor, to its total product is the
a. short-run production function. b. average product of labor. c. stage of production. d. expansion path.
The price controls on consumer goods during World War II led to
a. permanent surpluses. b. stable long-term prices. c. a burst of inflation when they were ended. d. increased production of consumer goods to satisfy demand.
In 1983, one could buy a model radio-controlled airplane for $11.50 each. Those same planes are available today and the price increased at exactly the rate of inflation. If the CPI today is 220.5 and in 1983 was 105, what is the price of the airplane today?
a. $24.15 b. $11.50 c. $5.48 d. $2.10
Older people often reminisce about the “good old days” when prices were much lower. This is misplaced nostalgia primarily because in the “good old days,”
A. prices were not really that low. B. wages were much lower also. C. people worked longer hours. D. people had more leisure time.