One of the differences between the GDP deflator and the consumer price index is
a. the GDP deflator includes income earned by American citizens working in foreign countries and the consumer price index is based solely on purchases made in the U.S.
b. the consumer price index basket of goods is updated constantly by the Bureau of Labor Statistics whereas the GDP deflator is updated only occasionally.
c. the consumer price index includes items not included in the GDP deflator such as airplanes purchased by the Air Force.
d. the GDP deflator reflects prices for all goods and services produced domestically and the consumer price index reflects prices for some goods and services bought by consumers.
d
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Restricting the supply of labor in order to increase the wage
a. is a tactic used by both craft and industrial unions b. is a tactic more likely to be used by the American Medical Association (AMA) than the United Auto Workers (UAW) c. is a tactic more likely to be used by the UAW than the AMA d. is a tactic used solely by professional groups such as lawyers e. has less effect on the wage than direct negotiation does
All elasticities are measures of responsiveness
Indicate whether the statement is true or false