Because consumers can sometimes substitute cheaper goods for those that have risen in price, ( )
A. the CPI overstates inflation.
B. the CPI understates inflation.
C. the GDP deflator overstates inflation.
D. the GDP deflator understates inflation.
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The deadweight loss from monopoly arises because ( )
A. the monopoly firm makes higher profits than a competitive firm would.
B. some potential consumers who forgo buying the good value it more than its marginal cost.
C. consumers who buy the good have to pay more than marginal cost, reducing their consumer surplus.
D. the monopoly firm chooses a quantity that fails to equate price and average revenue.
If a nation has high and persistent inflation, the most likely explanation is ( )
A. the central bank creating excessive amounts of money.
B. unions bargaining for excessively high wages.
C. the government imposing excessive levels of taxation.
D. firms using their monopoly power to enforce excessive price hikes.
Which of the following government activities is motivated by a concern about equality . ( )
A. regulating cable TV prices
B. providing some poor people with vouchers that can be used to buy food
C. prohibiting smoking in public places
D. breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies
Which of the following is a positive, rather than a normative, statement? ( )
A. Law X will reduce national income.
B. Law X is a good piece of legislation.
Congress ought to pass law X.
D. The president should veto law X.
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