The CPI is used
a. to estimate from estimated to actual values
b. to translate from real to nominal values
c. to translate from nominal to real values
d. as a policy target
e. c and d
D
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Think about a publishing firm that uses labor, ink, paper, and electricity as its variable inputs, and rents building space and printing presses as its fixed inputs. Describe how this publisher's short-run response to an increase in its labor costs would differ from its short-run response to an increase in one of its fixed costs
A proposed increase in the federal income tax rates may actually be viewed favorably by many mayors of cities because:
A. it will allow them to also raise their tax rates. B. it will cause the price of municipal bonds to increase and their yields to decrease. C. people will pay less attention to local taxes. D. it will cause the demand for municipal bonds to increase and their yields to increase.