GDP is equal to
a. the market value of all final goods and services produced within a country in a given period of time.
b. Y.
c. C + I + G + NX.
d. All of the above are correct.
d
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Since 2004, the Fed has focused on a core price index that excludes food and energy prices to measure inflation because
A) food and energy are necessities, so consumers have no choice but to purchase these. B) food and energy prices tend to remain stable in the short run, so are not relevant to the calculation of inflation. C) including food and energy prices tends to overstate the true inflation rate by 0.5% to 1%. D) food and energy prices tend to fluctuate up and down for reasons that may not be related to the general causes of inflation.
If the elasticity of substitution of a production function is equal to zero, then this production function is a
A) linear production function B) fixed proportion production function C) Cobb-Douglas production function D) None of above.