When Jamie, a U.S. citizen, purchases a wool jacket made in Ireland, the purchase is
a. both a U.S. and Irish import.
b. a U.S. import and an Irish export.
c. a U.S. export and an Irish import.
d. neither an export nor an import for either country.
b
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When the CPI rises ________, the inflation rate is ________
A) rapidly; low B) rapidly; high C) steadily; zero D) slowly; high E) rapidly; either high, low, or zero depending on whether production of output is increasing, decreasing, or not changing.
If a dollar today will likely have more purchasing power because of inflation, then a dollar a year from now ________ a dollar today
A) will be more valuable than B) will have the same value as C) will be less valuable than D) may be more valuable or less valuable than
In the United States, out-of-pocket spending on health care as a percentage of all spending on health care has ________ since 1960
A) remained stable B) more than doubled C) slowly risen D) steadily declined
We expect PPP to hold better
A) for annual data than monthly data. B) for high-inflation countries. C) in the long run. D) All of the above.