If you knew that two countries had the same level of real GDP per person, what additional piece of information would help you determine in which country people had a better standard of living?
A. The population of each country
B. The average level of prices in each country
C. The average number of hours worked per week in each country
D. The total physical volume of output for each country
Answer: C
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If a country experiences deflation, its currency will increase in value relative to its trading partners, ceteris paribus
Indicate whether the statement is true or false
A change in aggregate supply would be caused by a change in:
a. The price level b. An aggregate supply determinant c. The quantity of real output supplied d. Aggregate demand
Which of the following measures gives the earliest warning of increasing inflation?
A. the Producer Price Index B. the Personal Consumption Expenditure Index C. the Consumer Price Index D. All of these should signal the same short-run inflation.
What do supply and demand curves have in common?
a. They both usually slope upward. b. They both show a relationship between quantity and price. c. They both usually slope downward. d. They can both shift in response to changes in income or wealth. e. Neither of them is influenced by the size of the population.