Suppose the price levels in an economy in four successive years are 100, 120, 133, and 140 . Which of the following is true in such a case?
a. The economy is experiencing hyperinflation
b. The economy is experiencing deflation.
c. The economy is experiencing inflation.
d. The economy is experiencing increasing inflation.
e. The economy is experiencing disinflation.
c
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Who appoints the Federal Reserve System's Board of Governors?
A) the Secretary of the Treasury B) the President of the United States C) the Speaker of the House of Representatives D) the American Banking Association
When we study macroeconomics,
a. we model tens of thousands of individual supply and demand curves b. we determine thousands of prices and quantities c. we employ aggregation to reduce the number of markets we need to understand d. we add up all the demand and supply curves that are obtained in microeconomics e. we add up the prices of all goods and services produced in the economy