The GDP Price Index

question 140

Multiple Choice

The GDP price index

• A)involves all final goods and services produced in the economy
• B)is derived from looking at quantities of goods sold rather than at prices
• C)is derived using the prices of only imported and exported goods and services
• D)is derived using the implicit prices of goods and services produced by the government
• E)involves all goods and services sold in the economy

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Definitions:

Pluralistic Ignorance

A social psychological phenomenon where a majority of group members privately reject a norm, but assume incorrectly that most others accept it.

False Uniqueness Effect

The cognitive bias causing individuals to underestimate the commonality of their desirable traits or behaviors, believing they are more unique than they actually are.

Ethical Issues

Situations or problems requiring individuals or organizations to choose between actions that must be evaluated as right or wrong based on moral principles.

Unintended Negative Consequences

Outcomes that are not foreseen or intended and have a harmful or undesirable effect on individuals or communities.