The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.  Turning PointDateReal GDP (1996 $ billions)(A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0 Which of the following periods was an expansion?

A(n) __________ in exports by the United States results in a(n) __________ in the supply of foreign exchange

A) increase; increase B) decrease; increase C) increase; decrease D) None of the above.

To the extent that the CPI does not accurately measure the true price level,

a. the BLS will change the underlying market basket of goods b. it is useless c. it exaggerates the true cost of living d. it results in underindexation of social security payments e. it underestimates the true cost of living