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Stack #2604948
| Question | Answer |
|---|---|
| 1. One advantage of using the CPI over the GDP Deflator is that the CPI updates the basket of goods used to compute the index each month whereas the GDP Deflator maintains the same basket of goods for long periods of time. (T or F) | False |
| 2. All financial intermediaries are financial institutions, but not all financial institutions are financial intermediaries. (T or F) | True |
| 3. The Bureau of Labor Statistics does not try to account for quality changes in the goods and services in the basket used to compute the CPI. (T or F) | False |
| 4. Economists generally believe that inward-oriented policies are more likely to foster growth than outward-oriented policies. (T or F) | False |
| 5. If the GDP deflator in 2009 was 160 and the GDP deflator in 2010 was 180, then the inflation rate in 2010 was 12.5%. (T or F) | True |
| 6. In the United States in 2014 real GDP per person was about $56,000, while in some poor countries real GDP per person was less than $5,000. (T or F) | True |
| 7. Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods and services, while real GDP uses current prices to place a value on the economy’s production of goods and services. (T or F) | False |
Created by:
Kzaback