The chain-weighted output index
A) uses only the current year's prices to calculate growth in real GDP.
B) uses prices for the current year and the previous year to calculate growth in real GDP.
C) must be calculated only every other year.
D) is an inaccurate way to measure growth in real GDP and so has been replaced by the "nominal-to-real" index.
B
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If we produce one more bottle of water:
a) we incur a marginal cost. b) the marginal social benefit from bottled water increases. c) the price must rise. d) we must move away from equilibrium e) we act efficiently.
Inflationary tendencies and even hyperinflation in many Latin American countries have been exacerbated by the tendency of governments to
A) tax too heavily. B) regulate too heavily. C) print money to finance policies to stimulate the economy. D) keep out foreign competition. E) use industrial policies to foster growth.