In 1980, the price of a gallon of gasoline was $1.25 . The Consumer Price Index was 82.4 in 1980 compared to 215.3 in 2008 (1983 - 1984 = 100). Measured in 2008 dollars, the price of gasoline in 1980 was
a. $0.56.
b. $1.25.
c. $2.37.
d. $3.27.
D
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The above figure shows the relationship between the Joneses' total consumption and total household income. The figure illustrates that the Joneses' total consumption varies
A) directly with their total household income. B) independently of their total household income. C) inversely with their total household income. D) negatively with their income.
The real interest rate equals the nominal interest rate ________ the inflation rate
A) times B) minus C) divided by D) plus
The effect time lag of fiscal policy refers to
A) the time needed for Congress to enact a policy. B) the delay in recognizing an economic problem. C) the time between the onset of a policy and when the policy has impact on the economy. D) the difficulty in getting the President and the Congress to agree on an appropriate policy.
Caterpillar industrial tractors. Production of this good is likely to fluctuate _________ fluctuations of real GDP during the business cycle.
Fill in the blank(s) with the appropriate word(s).