Homework Answers
Answer
Option A
GDP deflator
The GDP deflator is broadest as it takes all the nominal GDP real GDP to calculate the index as it is not based on some of the products in the economy it is an overall change in the price in the economy.
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The broadest-based price index available is the A) GDP deflator. B) producer price index. C) consumer...
The broadest-based price index available is the A) GDP deflator. B) producer price index. C) consumer price index....
The broadest-based price index available is the A) GDP deflator. B) producer price index. C) consumer price index. D) wholesale price index. The MPC is A) the change in consumption divided by the change in income. B) consumption divided by income. C) the change in consumption divided by the change in saving. D) the change in saving divided by the change in income. The MPS is A) the change in saving divided by the change in income. B) 1 +...
d. leaves both the GDP deflator and the consumer price index unchanged. 23. In a closed...
d. leaves both the GDP deflator and the consumer price index unchanged. 23. In a closed economy, national saving is a. usually greater than investment. b. equal to investment. d. usually less than investment because of the leakage of taxes. c. always less than investment.
1. The index used to measure inflation is the a. consumer price index. b....
1. The index used to measure inflation is the a consumer price index. b. producer price index. c. wholesale price index. d. GDP deflator. 2. The price index in year 2 is 110 and the price index in year 3 is 115. The rate of inflation between years 2 and 3 is a. 1.04%. b. 2.04%. c. 4.17%. d. 4.55% 3. The situation that occurs when the inflation rate falls is called a. deflation b. disinflation c. stagflation d. inflation 4. The situation that occurs when the price level falls is called a. deflation b. disinflation c. stagflation d. inflation 5. The situation that occurs when...
Which of the three measures of inflation measures the average price level of the largest number 19. of goods? a. The CP b. The GDP Deflator c. The Producer Price Index d. The Wholesale Price Inde...
Which of the three measures of inflation measures the average price level of the largest number 19. of goods? a. The CP b. The GDP Deflator c. The Producer Price Index d. The Wholesale Price Index 20. Which of the following is NOT a reason why people save a. To smooth consumption over their lives b. To finance their future retirement c. As a way to transfer income from good times to bad d. To increase investment 21. If the...
22. Use your knowledge of price indexes to answer the following three-part question 22a. An index...
22. Use your knowledge of price indexes to answer the following three-part question 22a. An index of prices of all domestically produced goods in the economy is the a. Consumer Price Index. b. GDP Chain Price Index. c. Producer Price Index. d. Wholesale Price Index. 22b. The most comprehensive (inclusive of goods) measure of the rate at which prices are changing is: a. the CPI b. the balance-of-payments index. c. the GDP Chain Price Index....
Question 12 0.25 pts 12. Changes in the producer price index tend to ___changes in actual...
Question 12 0.25 pts 12. Changes in the producer price index tend to ___changes in actual producer costs. O a. overstate b. understate O c lag behind d. precede Question 13 0.25 pts 13. Trends over the last 70 years for the consumer price index (CPI), producer price index (PPI), and gross domestic product (GDP) deflator show that: a. They exhibit identical patterns. b. They have changed in similar but not identical patterns. c. The GDP deflator has shown considerably...
How does the Consumer Price Index differ from the GDP deflator? Explain what is meant by...
How does the Consumer Price Index differ from the GDP deflator? Explain what is meant by the "substitution bias" in the CPI. If food prices increase by 10%, and people always spend 25% of their total consumption expenditure on food, how much will the CPI increase (all other prices stay the same)?
What is a converging economy? Match each description with the proper term. Consumer price index (CPI)...
What is a converging economy? Match each description with the proper term. Consumer price index (CPI) Producer price index (PPI) Personal consumption expenditure (PCE) Gross domestic product deflator (GDP Deflator)
The GDP deflator is a: Paasche quantity index. Laspeyres price index. O Paasche price index. Laspeyres...
The GDP deflator is a: Paasche quantity index. Laspeyres price index. O Paasche price index. Laspeyres quantity index.
as the best overall indicator of inflationary pressures in the economy Most economists consider the Select...
as the best overall indicator of inflationary pressures in the economy Most economists consider the Select one: O A consumer price index O B. GDP deflator O C. wholesale price index O D. producer price index
The broadest-based price index available is the A) GDP deflator. B) producer price index. C) consumer price index. D) wholesale price index. The MPC is A) the change in consumption divided by the change in income. B) consumption divided by income. C) the change in consumption divided by the change in saving. D) the change in saving divided by the change in income. The MPS is A) the change in saving divided by the change in income. B) 1 +...
d. leaves both the GDP deflator and the consumer price index unchanged. 23. In a closed economy, national saving is a. usually greater than investment. b. equal to investment. d. usually less than investment because of the leakage of taxes. c. always less than investment.
Which of the three measures of inflation measures the average price level of the largest number 19. of goods? a. The CP b. The GDP Deflator c. The Producer Price Index d. The Wholesale Price Index 20. Which of the following is NOT a reason why people save a. To smooth consumption over their lives b. To finance their future retirement c. As a way to transfer income from good times to bad d. To increase investment 21. If the...
Question 12 0.25 pts 12. Changes in the producer price index tend to ___changes in actual producer costs. O a. overstate b. understate O c lag behind d. precede Question 13 0.25 pts 13. Trends over the last 70 years for the consumer price index (CPI), producer price index (PPI), and gross domestic product (GDP) deflator show that: a. They exhibit identical patterns. b. They have changed in similar but not identical patterns. c. The GDP deflator has shown considerably...
What is a converging economy? Match each description with the proper term. Consumer price index (CPI) Producer price index (PPI) Personal consumption expenditure (PCE) Gross domestic product deflator (GDP Deflator)
The GDP deflator is a: Paasche quantity index. Laspeyres price index. O Paasche price index. Laspeyres quantity index.
as the best overall indicator of inflationary pressures in the economy Most economists consider the Select one: O A consumer price index O B. GDP deflator O C. wholesale price index O D. producer price index
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