YearCPI2010952011100201210520131042014106According to the table shown, how do we interpret what happened between 2011 and 2014? The cost of living:
A. decreased 0.98 %.
B. increased 6 %.
C. decreased 2 %.
D. increased 1.06 %.
Answer: B
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If the costs of production increase, there is
A) a decrease in aggregate supply and the AS curve shifts rightward. B) a decrease in the quantity of real GDP supplied and a movement down along the AS curve. C) a decrease in aggregate supply and the AS curve shifts leftward. D) an increase in the quantity of real GDP supplied and a movement up along the AS curve. E) an increase in aggregate supply and the AS curve shifts rightward.
During World War II, whenever interest rates would ________ and the price of bonds would begin to ________, the Fed would make open market purchases
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
If the price of beef rose and the demand for chicken increased, then beef and chicken are:
a. Substitute goods b. Consumer goods c. Inferior goods d. Complementary goods
Which question is typically asked by economic engineers?
A. Can we rely on the markets to distribute income fairly? B. Can we assume that people always behave rationally? C. Can we design mechanisms to improve the coordination of people's actions? D. Can we increase the amount of mathematics in the model?