Question 1 To calculate an annual percentage rate of inflat

Question 1 To calculate an annual percentage rate of inflation,… Question 1 To calculate an annual percentage rate of inflation, take (_____) divided by the level in the previous year, then multiply by 100. the level in the new year minus the level in the previous yearthe level in the previous year minus 100the level in the previous year minus the level in the new year100 minus the level in the previous year Question 2_____ means price increases occur that span _____.deflation; the energy industryinflation; the entire economyinflation; one sector of the economydeflation; all international economies Question 3If the price index moves from 134 to 145, the rate of inflation is:11.00%145.00%8.21%8.65% Question 4If the price index moves from 248 to 298, the rate of inflation is: 16.78%50.00%33.93%20.16% Question 5If the price index moves from 62.1 to 64.3, the rate of inflation is: 3.42%2.20%3.54%19.78% Question 6The Consumer Price Index (CPI) is _____. an identical measure to the Producer Price Index (PPI)the most commonly cited measure of inflation in the United Statesonly capable of measuring deflation, never inflationa measure of the investment component of GDP Question 7(Hint: read carefully.) _____ is occurring when the buying power of money in terms of goods and services increases. NonflationInflationPrice stabilityDeflation  Question 8Substitution bias is one of the reasons that a rise in the price of a fixed basket of goods over time tends to _____ the rise in a consumer’s true cost of living. understateoverstateremain entirely unrelated toperfectly measure Question 9In 2000, the price index is equal to 100. The price index rises to 110 in 2001; 125 in 2002; 140 in 2003; and 155 in 2004. Using that information, the annual inflation rate, was the highest from 2001 to 2002was equal for each one-year period discussedwas the highest from 2000 to 2001was the highest from 2002 to 2003 Question 10Improvements in the quality of existing goods, as well as the invention of new goods, can improve the standard of living, giving rise to the _____ bias in price indexes. substitutionincomepersonal financequality/new goods Question 11The _____ curve shows _____ for domestic goods and services at each price level.  aggregate demand (AD); the total spendingaggregate demand (AD); the total quantity of outputaggregate supply (AS); foreign-made inputsaggregate supply (AS); consumption spending Question 12When the economy of a country is operating close to its full capacity, cyclical unemployment is close to _____.75010050 Question 13The maximum quantity that an economy can produce, given its existing levels of labor, physical capital, technology, and institutions, is called aggregate demandaggregate supplypotential GDPobligatory GDP Question 14In the AD/AS model, the SRAS curve is the _____ AS curve, where _____ in the short run. upward-sloping; producers can change quantity supplieddownward-sloping; producers can change quantity suppliedvertically sloped; producers are limited to producing at potential GDPhorizontally sloped; producers are limited to producing at potential GDP Question 15In the neoclassical zone of the SRAS curve, the curve is relatively flatthe equilibrium is far from potential GDPprices are lower than in the Keynesian zoneonly a rightward shift in AS can increase the size of the real GDP  Question 16In the Keynesian zone of the SRAS curve, the economy is in an expansionthe equilibrium level of real GDP is far higher than potential GDPcyclical unemployment is highthe price level must be at its highest Question 17One way that inflationary pressure is shown in the AD/AS model is a leftward shift in the SRAS curvea rightward shift in the SRAS curvea leftward shift in the AD curve combined with a rightward shift in the SRAS curvea leftward shift in the AD curveQuestion 18In the AD/AS model, high cyclical unemployment would result in _____. no possible impact on outputoutput that is substantially to the right of potential GDPoutput that is substantially to the left of potential GDPzero unemployment Question 19In the AD/AS model, a recession can be represented by an equilibrium that falls directly on the potential GDP linean equilibrium that is substantially to the right of the potential GDP linean equilibrium associated with full employment in the economyan equilibrium that is relatively far left of the potential GDP line Question 20Over time, increased productivity can result in a rightward shift of only the LRASof neither the SRAS nor the LRASof only the SRASof both the SRAS and the LRASBusiness Economics Microeconomics ECON 123

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