People who bought candles on the street at midnight during the great Blackout of 2003 ___________ (did/did not) get ripped off.
Fill in the blank(s) with the appropriate word(s).
did not
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If the rate of inflation in the United States rises relative to the rate of inflation in foreign nations, U.S. net exports will tend to ____, causing the exchange value of the U.S. dollar to ____
a. rise; rise b. rise; fall c. fall; rise d. fall; fall
When an economic event causes demand or supply to shift, prices and quantities set off in the general direction of:
a. equilibrium. b. disequilibrium. c. stabilization. d. maximization.
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect
a. no change in his total revenues b. everyone to begin buying his product c. a complete loss of revenues d. a new demand curve e. a relative increase in income
The best price index to use in calculating real GDP is
A. The PPI. B. The CPI. C. Any of the indexes because they all reflect price level changes. D. The GDP deflator.