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Principles of Macroeconomics-Exam

Principles of Macroeconomics-Exam

Q 1.If mustard now costs $0.75 when today’s price index is 225, and if the price index in 1970 was 38, we would most accurately say thatChicken becomes more expensive in 2008 at Wegmans in State College, Pennsylvania. This means 3.Your firm expands its output in a time when demand appears to be increasing. Demand for all goods is increasing because of inflation, and consumers want to buy all goods faster because their real purchasing power is falling due to inflation. This situation could indicate that your firm experienced 4.According to the textbook, the top-grossing movie of all time (adjusted for inflation) is 5.Inflation is not a problem

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1.if mustard cost $0.10 in 1970, it was relatively cheap as an inflation-adjusted price. 2.the consumer price index (CPI) might rise or fall and the price of chicken at Wegmans could make a very small difference in the CPI if chicken at Wegmans is included in the index. However, chicken would be a relatively small portion of the entire CPI, if it is included at all. 3.a price confusion problem. 4.Gone with the Wind. 5.except that when it occurs, it creates uncertainty over future prices (along with other possible deleterious effects).