The purchase of a new automobile is included in
A) investment expenditures.
B) consumption expenditures on durable goods.
C) consumption expenditures on nondurable goods.
D) consumption expenditures on services.
B
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Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then:
A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. C) consumer surplus increases, producer surplus must decline. D) consumer and producer surplus must decline.
In 2011 a country had a real GDP of $13.89 trillion and GDP deflator of 110 . In 2012 it had a nominal GDP of $17.8 trillion and real GDP of 14.24 trillion. What is the rate of inflation in 2012?