The use of purchasing power parity prices
A) decreases the real GDP per person statistics published by the International Monetary Fund.
B) weakens the validity of cross country comparisons of economic welfare.
C) increases the amount by which U.S. GDP is larger than that of any other nation.
D) accounts for differences in the prices of the same goods in different countries when measuring real GDP.
D
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If the U.S. dollar is pegged to gold, then
A) the Federal Reserve must adjust the supply of U.S. dollars when the price of gold changes. B) the government must buy and sell gold reserves when the price of the dollar changes. C) the U.S. dollar will not change in value since the price of gold is constant. D) the U.S. dollar would become more valuable than the Euro.
Assume Congress holds a hearing on the impact of gasoline prices on the price of corn. Most likely, this hearing will be
A) a partial equilibrium analysis. B) a general equilibrium analysis. C) about consumer rather than producer surplus. D) an analysis of efficiency.