Hyperinflation is defined as
A) an increase in the price level.
B) rising but low inflation rates.
C) very low inflation rates.
D) very high inflation rates.
E) declining inflation rates.
D) very high inflation rates.
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The concept of exogeneity is important because
A) it clarifies whether or not the variable is determined inside or outside your model. B) maximum likelihood estimation is no longer valid. C) under strict exogeneity, OLS may not be efficient as an estimator of dynamic causal effects. D) endogenous variables are not stationary, but exogenous variables are.
If MPS is equal to 0.15 and MPI is equal to 0.10, an initial change of $19,000 in government expenditure would result in a total change of _____ in income
a. $19,000 b. $16,150 c. $20,000 d. $76,000 e. $126,667
An inferior good is a good whose quantity demanded
a. rises when its price falls. b. falls when the price of a related good falls. c. falls when the consumer's total utility rises. d. rises when the consumer's income falls.
Suppose the quality of beef changes over time, but the quality change goes unmeasured for the purpose of computing the consumer price index. In which of the following instances would the bias resulting from the unmeasured quality change be least severe?
a. The quality of beef deteriorates and beef becomes more expensive relative to other goods. b. The quality of beef deteriorates and beef becomes less expensive relative to other goods. c. The quality of beef improves and beef becomes more expensive relative to other goods. d. The quality of beef improves and the price of beef relative to other prices remains unchanged.