Label the graph above with respect to the three phases of the business cycle and the cycle turning points.
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In the summer of 2008, the price of gasoline increased greatly. If the demand curve for gasoline did not shift, which of the following occurred?
A) Drivers received no consumer surplus after the price increase. B) Consumer surplus increased if drivers drove less. C) Consumer surplus decreased. D) If consumers drove the same amount, they received less total benefit. E) Both the marginal benefit from each gallon of gasoline and the consumer surplus from each gallon of gasoline decreased.
In the market for eggs, a removal of the price ceiling on eggs results in:
a. an increase in the demand for eggs. b. farmers supplying more eggs to the market. c. consumers demanding a larger quantity of eggs. d. farmers supplying less eggs to the market. e. consumers demanding a smaller quantity of eggs.
Nominal GDP is $10,000 billion in 2011, but real GDP is only $9,000. It follows that:
a. the GDP deflator is equal to 111 b. the GDP deflator is equal to 100. c. the GDP deflator is equal to 90. d. prices must have decreased relative to the base year.
Cost-push inflation occurs when the factor contributing most to rising prices is increased demand for goods and services
Indicate whether the statement is true or false