Nominal GDP is adjusted for price changes through the use of:
A. the Consumer Price Index (CPI).
B. the Producer Price Index (PPI).
C. the GDP price index.
D. exchange rates.
C. the GDP price index.
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Income elasticity of demand is expected to be _____
a. relatively high for necessities b. positive for most products c. relatively low for luxuries d. negative for most products e. zero for most products
Two farmers, A and B, each apply 100 tons of manure on their fields. To reduce manure runoff, the government has decided to require a permit for each ton of manure applied. The government gives each farmer 50 permits. Farmer A incurs losses of $25 for each ton of manure he does not apply, and Farmer B incurs losses of $50 for each ton of manure he does not apply. What is the total cost of
reducing runoff if firms are not allowed to buy and sell permits from each other? What is the total cost of reducing runoff if the firms are allowed to buy and sell permits from each other? a. $3,750; $2,500 b. $2,500; $3,750 c. $5,000 . $2,500 d. $3,750; $3,750