A price index is:
A) a comparison of the price of one product with the change in real GDP
B) a comparison of real GDP in one period relative to another
C) the cost of a basket of products in a base or reference period divided by the cost of the same basket in another period
D) a ratio of real GDP in one period to nominal GDP in another
E) a measure of changes in prices
Correct Answer:
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Q2: A country's consumer price index was 124.0
Q3: Which of the following is least likely
Q4: Inflation means that:
A)all prices are rising, but
Q5: Cost-of-living adjustment clauses (COLAs):
A)make the effect of
Q6: Inflation is undesirable because it:
A)arbitrarily redistributes real
Q7: Unanticipated inflation:
A)reduces the real burden of the
Q8: In a given year,a country's nominal income
Q9: If the consumer price index falls from
Q10: During a period of unanticipated deflation:
A)debtors gain,
Q11: Unanticipated inflation:
A)arbitrarily "taxes" fixed-income groups
B)increases the real
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