question
the picture of the currency in the chapter introduction is from what country
answer
zimbabwe
question
the face amount was
answer
one hundred billion
question
inflation refers to
answer
the pressure for prices to rise in most markets in an economy
question
the US dollar in 2014 had the same purchasing power as
answer
18 cents in 1972
question
to calculate the price level, economists do all of the following except
answer
calculate the simple average of the prices of the items in the basket
question
the most commonly cited measure of inflation in the US is
answer
Consumer price index (CPI)`
question
In the past century, all of the following countries have experienced HYPERINFLATION except
answer
China
question
which statement is accurate
answer
inflation is a time when the purchasing power of money for goods and services decreases
question
the challenge faced by the bureau of labor statistics is factoring the accuracy of the inflation index deals with
answer
the substitution bias, the creation of new products and the improved version of older products
question
The "substitution bias"
answer
tends to overstate the rise in a consumers true cost of living
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