The price of a given basket of goods in Year 1 was $1,300. The price of the same basket of goods in Year 2 was $1,560. The consumer price index for Year 2 taking Year 1 as the base year is ________

With regard to the subject matter of American economic history, Hughes and Cain (2011) suggest that

(a) the presence of the highest living standards known in world history supports the claim that American history is largely a "success story." (b) the American economy is an economy with only successes but no failures. (c) U.S. history provides a fragmented record of problem-solving and problem-producing solutions to the challenges of economic development. (d) there is no link between today's economy and the economy of yesteryear.

Money lowers the transaction cost when: a. the economy is experiencing rapid inflation. b. its value is stable

c. the rate of inflation is uncertain. d. there is widespread deflation