01 Jun Question If the price of computers falls during a period when the average price level remains constant, which of the following has occurred?
Question
If the price of computers falls during a period when the average price level remains constant, which of the following has occurred?
Deflation
Inflation
A recession
A change in relative prices
Price stability refers to:
A constant average price level.
An inflation rate of zero.
Increases in prices equal to or less than the growth rate of the economy.
The absence of significant changes in the average price level.
If the CPI is 119 in Year X, then it costs _______ in Year X to buy the same market basket that cost _______ in the base period.
$100; $119
$19; $100
$100; $19
$119; $100
People who are not working for pay but are actively looking for work are not included in the labor force.
FALSE
TRUE
During a period of inflation:
Relative prices are rising, but it is not certain what is happening to average prices.
Both relative prices and average prices are rising.
Specific prices are rising, and relative prices are falling.
Average prices are rising, but it is not certain what is happening to relative prices.
The labor force is smaller than the total population because the labor force does not include:
People looking for a job.
People who have jobs.
Teachers.
The very young and old.
Nominal GDP is defined as the:
Dollar value of services but not goods.
Value of output in current dollars.
Value of output in constant prices.
Output produced by domestically owned factors of production regardless of where the factors are located.
Keynes believed that small disturbances in the economy would be made even greater by the market mechanism and thus government intervention was required.
FALSE
TRUE
The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
Aggregate supply.
Real GDP.
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