A) automatically implies that,on average,everyone is better off because prices have fallen. B) would negatively affect producers but positively affect consumers because producers must accept lower prices. C) might easily make both producers and consumers better off because consumers might lose jobs due to falling prices and profit margins,and the falling profit margins would negatively impact producers. D) might make you better off if your nominal wages fall more rapidly than prices. E) automatically occurs when there are more goods with falling prices than there are goods with increasing prices. A) automatically implies that,on average,everyone is better off because prices have fallen. B) would negatively affect producers but positively affect consumers because producers must accept lower prices. C) might easily make both producers and consumers better off because consumers might lose jobs due to falling prices and profit margins,and the falling profit margins would negatively impact producers. D) might make you better off if your nominal wages fall more rapidly than prices. E) automatically occurs when there are more goods with falling prices than there are goods with increasing prices.

Exam 21: The Price Level and Inflation

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Donna Newton made $0.30 per hour in 1946 at a small restaurant in Clearfield,Pennsylvania.If the consumer price index (CPI)was 18.3 in 1946 and 202.4 in 2011 and the legal minimum wage in 2011 was $7.25,then

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Question 61

If the price of a typical market basket of goods increased from about $20 in 1960 to $200 in early 2012,then it

(Multiple Choice)

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Question 62

In 1940 you could buy a "nickel Pepsi" for (oddly enough)a nickel.If the price index in 1940 was 14 and the 2011 price index was 221,then the inflation-adjusted price of a Pepsi would be

(Multiple Choice)

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Question 63

If the consumer price index (CPI)was 100 in the period of 1982-1984,then

(Multiple Choice)

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Question 64

The concept of a price index is that it is a(n)

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Question 65

Refer to the following figure when answering the following questions: -Based on the figure,which of the following statements best applies?

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Question 66

Education typically composes about ________ of the consumer price index (CPI).

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Question 67

Refer to the following figure when answering the following questions: -Based on the figure,and if we define inflation as being "under control" at rates less than 10 percent,when was inflation under control?

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Question 68

Michael Chang buys only tennis rackets during a particular year.During the year in question,the price of all goods rises by 10 percent on average,but the price of tennis rackets remains the same.Which statement is correct?

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Question 69

Give two reasons why governments inflate their money supplies by printing money,and explain the downside associated with each reason.

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Question 70

If the goods producers buy change dramatically between years,then

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Question 71

Deflation

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Question 72

If nominal income increases,then real income

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Question 73

Refer to the following table to answer the following questions: -As presented in the table,the rate of inflation (or deflation)from 2002-2003 was (rounded to two decimal places)

(Multiple Choice)

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Question 74

From 1960 until 2012,the long-run average rate of inflation in the United States was

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Question 75

Which statement best represents the purpose for measuring annual inflation (or deflation)?

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Question 76

Which case in the below table describes what has happened in the U.S.economy over the last decade?

(Multiple Choice)

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Question 77

The drop in the buying power of an ounce of gold in sixteenth-century Europe was due to

(Multiple Choice)

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Question 78

Refer to the following table to answer the following questions: -As presented in the table,the rate of inflation from 1999-2000 was (rounded to two decimal places)

(Multiple Choice)

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Question 79

Refer to the following figure to answer the following questions: -Based on the figure,one could correctly state that

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Question 80

Showing 61 - 80 of 174

Exam 21: The Price Level and Inflation

Donna Newton made $0.30 per hour in 1946 at a small restaurant in Clearfield,Pennsylvania.If the consumer price index (CPI)was 18.3 in 1946 and 202.4 in 2011 and the legal minimum wage in 2011 was $7.25,then

If the price of a typical market basket of goods increased from about $20 in 1960 to $200 in early 2012,then it

In 1940 you could buy a "nickel Pepsi" for (oddly enough)a nickel.If the price index in 1940 was 14 and the 2011 price index was 221,then the inflation-adjusted price of a Pepsi would be

If the consumer price index (CPI)was 100 in the period of 1982-1984,then

The concept of a price index is that it is a(n)

Refer to the following figure when answering the following questions: -Based on the figure,which of the following statements best applies?

Education typically composes about ________ of the consumer price index (CPI).

Refer to the following figure when answering the following questions: -Based on the figure,and if we define inflation as being "under control" at rates less than 10 percent,when was inflation under control?

Michael Chang buys only tennis rackets during a particular year.During the year in question,the price of all goods rises by 10 percent on average,but the price of tennis rackets remains the same.Which statement is correct?

Give two reasons why governments inflate their money supplies by printing money,and explain the downside associated with each reason.

If the goods producers buy change dramatically between years,then

Deflation

If nominal income increases,then real income

Refer to the following table to answer the following questions: -As presented in the table,the rate of inflation (or deflation)from 2002-2003 was (rounded to two decimal places)

From 1960 until 2012,the long-run average rate of inflation in the United States was

Which statement best represents the purpose for measuring annual inflation (or deflation)?

Which case in the below table describes what has happened in the U.S.economy over the last decade?

The drop in the buying power of an ounce of gold in sixteenth-century Europe was due to

Refer to the following table to answer the following questions: -As presented in the table,the rate of inflation from 1999-2000 was (rounded to two decimal places)

Refer to the following figure to answer the following questions: -Based on the figure,one could correctly state that

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand

Elasticity

Market Outcomes and Tax Incidence

Price Controls

Market Inefficiencies: Externalities and Public Goods

Business Costs and Production

Firms in a Competitive Market

Understanding Monopoly

Price Discrimination

Monopolistic Competition and Advertising

Oligopoly and Strategic Behavior

The Demand and Supply of Resources

Income,inequality,and Poverty

Consumer Choice

Behavioral Economics and Risk Taking

Health Insurance and Health Care

Introduction to Macroeconomics and Gross Domestic Product

Unemployment

Savings,interest Rates,and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

The Great Recession, the Great Depression, and Great Macroeconomic Debates

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

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