The most widely used measure of inflation is based on which of the following price indices?
A) the producer price index
B) the consumer price index
C) the GDP deflator
D) the wholesale price index
Answer: B
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Which type of tariff is used to offset subsidies on exports entering the United States?
a. antidumping duties b. countervailing duties c. export duties d. safeguard duties levied under the escape clause
The decision rule for a profit-maximizing firm operating in a competitive market to hire an additional worker is the value of the:
A) marginal product of the worker should be equal to or greater than the wage rate. B) marginal product of the worker should be equal to or lower than the wage rate. C) average product of the worker being hired should be equal to the wage rate. D) average product of the worker being hired should be lower than the wage rate.