Which of the following best characterizes the main difference between the Consumer Price Index (CPI) and the GDP deflator?
a. One is more accurate than the other.
b. One is more useful than the other.
c. One is more general than the other.
d. One is more trend-focused than the other.
c. One is more general than the other.
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A country with a lower relative cost of production of a particular good has a(n) _______ advantage and it is likely to _______ this good.
A) absolute; import B) comparative; import C) comparative; export D) absolute; not export
After World War II (1941–45), the U.S. public debt
(a) remained unchanged in 1947 even though the government ran a budget surplus (government expenditures fell below revenues in 1947). (b) continued to rise even though the government ran a budget surplus at times. (c) decreased even though the government ran a budget surplus continuously. (d) remained high while the government continuously ran deficits.