Rates of inflation in the hundreds or thousands of percent per year are known as
A) super inflation.
B) megainflation.
C) hyperinflation.
D) overinflation.
C
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Suppose hypothetically that you buy a lot of food such as tofu, veggie burgers, and organic fruit that are not included in the market basket used to compute the CPI. In addition, suppose that all of these goods have become cheaper over the last year, while the overall CPI has increased by 6 percent. Then which of the following is true? a. The CPI will understate the negative impact of inflation
on your purchasing power and standard of living. b. The CPI will still accurately state the negative impact of inflation on your purchasing power and standard of living. c. The CPI will overstate the negative impact of inflation on your purchasing power and standard of living. d. None of the answers above are correct.
Why is information sometimes considered as a good?
If firms meet together to decide on prices and outputs, it is called: a. collusion
b. oligopolistic competition. c. price leadership. d. a pricing conglomerate.
In the United States, presidential elections occur every four years. If a political business cycle exists in the United States, in which year of a presidential term, all else fixed, would we expect output growth to be lowest?
A) the first or second year B) the second or third year C) the third or fourth year D) the fourth year