When a Professor Asks a Student in Class to Stop

question 40

Multiple Choice

When a professor asks a student in class to stop talking to his neighbor and join the class discussion,that professor most likely exercises:

• A) legitimate power.
• B) informational power.
• C) referent power.
• D) expert power.

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Definitions:

GDP Deflator

A measure of the price level of all new, domestically produced, final goods and services in an economy, used to adjust nominal GDP to real GDP.

Substitution Bias

A distortion in the Consumer Price Index due to changes in consumer purchase behavior or product substitutions.

Introduction of New Goods

The process through which new products are developed and brought to the market, influencing consumer choice and potentially market structures.

CPI Construction

The method of creating the Consumer Price Index, which measures changes in the price level of a market basket of consumer goods and services purchased by households.