24. If the CPI equaled 1.43 in 2008and 1.56 in 2009, then between 2008 and 2009 there was:
A. inflation.
B. deflation
C. a recession
D. an expansion
25. The CPI in 1930 equaled 0.17. The CPI in 1931 equaled 0.15. The rate of inflation between 1930 and 1931 was
______ percent. A. -13.3 B. -11.8 C. 1.5 D. 11.8
26. The CPI in 1931 equaled 0.15. The CPI in 1932 equaled 0.14. The rate of inflation between 1931 and 1932 was
______ percent. A. -7.1 B. -6.7 C. 1.4 D. 6.7
27. Deflation is a situation in which the:
A. quantity of goods and services produced is increasing over time.
B. quantity of goods and services produced is decreasing over time.
C. prices of most goods and services are falling over time.
D. prices of most goods and services are rising over time.
28. The situation when the price of most goods and services are falling over time is called:
A. inflation.
B. disinflation.
C. a boom.
D. deflation.
29. The ______ is the rate of increase of all prices except ______.
A. real rate of inflation; energy and food
B. core rate of inflation; energy and food
C. nominal rate of inflation; labor
D. core rate of inflation; interest rates
30. The core rate of inflation excludes food and energy prices because:
A. these prices don’t change very frequently.
B. these prices are most frequently responsible for short-run fluctuations in the inflation rate.
C. consumers do not directly face these prices.
D. these prices do not matter to policymakers.
31. Over time, the core rate of inflation should be ______ than the general rate of inflation.
A. more stable
B. less stable
C. higher
D. less meaningful
32. A nominal value is measured:
A. in physical terms.
B. in terms of current dollar value.
C. using the consumer price index.
D. by indexing.
33. A measurement in terms of current dollar value is called a(n) ______ quantity.
A. nominal B. real
C. deflated
D. indexed
34. Which of the following is a nominal quantity?
A. The number of people unemployed
B. The current price of a barrel of oil
C. The number of cars produced in 2005
D. The amount of coal mined in one month
35. Which of the following is a real quantity?
A. The current wages paid to factory workers
B. The cost of a new car
C. The number of tons of steel produced in 2005
D. The current price of a barrel of oil
36. A real quantity is a quantity measured:
A. in physical terms.
B. in terms of current dollar value.
C. by the average quantity.
D. using real prices.
37. All of the following are real quantities except the:
A. number of new cars produced in one year.
B. tons of steel shipped to South America.
C. millions of computer chips shipped to computer makers.
D. billions of dollars invested in stocks.
38. To correct a nominal quantity for changes in the price level, one should:
A. add a price index to it.
B. subtract a price index from it.
C. divide it by a price index.
D. multiply it by a price index.
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