When the Japanese imposed a voluntary export restraint (VER) on automobile exports in the 1980s, the environmental conditions in the United States improved.
Answer the following statement true (T) or false (F)
False
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Computing the CPI is important because it provides ________
A) a rough measure of the cost of living B) it is used as a benchmark in labor negotiations C) government uses it to index entitlements, such as social security benefits, so that beneficiaries do not lose purchasing power in periods of inflation D) all of the above E) none of the above
In the early 1920s,
a. Germany experienced a very high rate of inflation. b. the quantity of German money was declining rapidly. c. the value of German money remained almost constant. d. All of the above are correct.
In the 1970s, the Fed accommodated a(n)
a. adverse supply shock and so contributed to higher inflation. b. adverse supply shock and so contributed to lower inflation. c. favorable supply shock and so contributed to higher inflation. d. favorable supply shock and so contributed to lower inflation.
Which of the following causes a decrease in demand for a normal good?
A) increase in price of a substitute B) increase in price of a complement C) increase in price D) increase in income