Which of the following categories of goods and services is included in the CPI?
a. food
b. transportation
c. housing
d. All of these.
d. All of these.
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If the price level increases by 15 percent while nominal income increases by 8 percent, then in percentage terms real income would:
a. Rise by about 8 percent b. Fall by about 8 percent c. Fall by about 7 percent d. Fall by about 15 percent
The real power in the FOMC lies with:
A. no single individual; all participants have an equal share of the power. B. the Chairman of the Board of Governors. C. the President of the New York Fed Bank. D. the System Open Market Manager.
Refer to the graph below. At equilibrium, consumer surplus would be represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. a + b
B. a + b + c
C. a
D. b + c
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is on SRPC2, then the expected inflation rate is
A. 4%. B. 5%. C. 6%. D. none of the above.