In the period 1950-2011, the inflation rate in the U.S. CPI has
A) varied very little.
B) been less variable than the inflation rate in the GDP price deflator.
C) been more variable than the inflation rate in the GDP price deflator.
D) been substantially equal to the inflation rate in the GDP price deflator every year.
C
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The quantity of real GDP demanded on the AD curve is the equilibrium real GDP when
A) equilibrium expenditure is greater than real GDP. B) aggregate planned expenditure equals real GDP. C) the price level equals the equilibrium price level. D) aggregate planned expenditure is greater than real GDP. E) aggregate planned expenditure is less than real GDP.
The law of supply reflects the negative relationship between the price of a good or service and the quantity of that good or service that sellers are willing to offer for sale
Indicate whether the statement is true or false
In the above figure, what is the minimum supply price for the fourth gallon of ice cream?
A) $2.00 B) $3.00 C) $4.00 D) $5.00
Which of the following shifts the supply curve for gasoline rightward?
A) a situation in which the quantity demanded exceeds the quantity supplied B) an increase in the price of gasoline C) a decrease in the price of a resource used to produce gasoline, such as crude oil D) an increase in the demand for gas-guzzling, sport utility vehicles