The CPI is a measure of the overall cost of the goods and services bought by a typical consumer

In 2008 and 2009, the quantity theory of money did a ________ job of predicting year-to-year changes in the inflation rate because ________

A) good; interest rates behaved predictably B) poor; the Fed changed the growth rate of the quantity of money too quickly C) poor; velocity of circulation plunged D) good; real GDP remained stable E) poor; the price level and the velocity of circulation did not change

With regard to the characteristics of production indifference curves, which of the following statements is/are NOT true? a. Higher curves correspond to larger outputs

b. An indifference curve will generally have a negative slope. c. An indifference curve is typically assumed to curve inward toward the origin near its middle. d. All of the above are true for production indifference curves, but not for isoquants. e. b and c