In the United States at the end of 2012, the total money supply, M1, amounted to approximately
A) 16 percent of that year's GNP.
B) 20 percent of that year's GNP.
C) 30 percent of that year's GNP.
D) 40 percent of that year's GNP.
E) 50 percent of that year's GNP.
A
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The bias in the CPI distorts private contracts because
A) a future payment that is linked to the CPI is likely to be raised above the true increase in the price level. B) a worker that links her salary to the CPI is likely to be worse off than a worker that doesn't link her salary to the CPI. C) a lender that links the interest payments on the loan to the CPI is likely to be worse off than a lender that does not link the interest payments on the loan to the CPI. D) a future increase in a payment that is linked to the CPI is likely to be less than the true increase in the price level. E) the CPI cannot properly account for what goods and services a typical urban consumer buys.
A trough is the
A) lower turning point of a business cycle when an expansion begins. B) lower turning point of a business cycle when a recession begins. C) upper turning point of a business cycle when an expansion begins. D) upper turning point of a business cycle when a recession begins.