In 1979 and 1980,
a. the U.S. inflation rate as measured by the GDP deflator was higher than that measured by the CPI, and the difference was explained by rapidly rising prices of goods exported by the U.S.
b. the U.S. inflation rate as measured by the CPI was higher than that measured by the GDP deflator, and the difference was explained by rapidly rising prices of goods exported by the U.S.
c. the U.S. inflation rate as measured by the GDP deflator was higher than that measured by the CPI, and the difference was explained by rapidly rising oil prices.
d. the U.S. inflation rate as measured by the CPI was higher than that measured by the GDP deflator, and the difference was explained by rapidly rising oil prices.
d
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The absence of clear property rights
A) is common in many developing nations. B) encourages creative destruction. C) is caused by capital deepening. D) all of the above.
The schedule of tolls capable of maximizing the net revenue of a bridge owner
A) has no relationship to the cost of constructing the bridge. B) is the highest anyone will pay rather than forgo the opportunity to cross the bridge. C) varies proportionately to the cost of constructing the bridge. D) will be higher than the corresponding tolls for a tunnel, because tunnel construction costs must be sunk rather than elevated.