A market will experience a ____ when the price is above equilibrium and a ____ when the price is below equilibrium

In July 2011, $1 was worth 45 Indian rupees and in July 2012, $1 was worth 55 Indian rupees. We can therefore conclude that

A) the Indian rupee depreciated. B) the Indian rupee appreciated. C) the U.S. dollar has depreciated. D) the value of the U.S. dollar has fluctuated.

Which of the following would be associated with an inflationary gap?

a. interest rates too low b. business expectations pessimistic c. inventory levels too low d. stock market crash e. All of the above.