From mid-year 2006 to year-end 2008, housing prices
a. fell by approximately 30 percent, leading to a sharp reduction in aggregate demand.
b. increased by approximately 30 percent leading to a sharp increase in aggregate demand.
c. declined by a smaller about than in previous recessions.
d. were unchanged, but a sharp decline in stock prices reduced aggregate demand.
A
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Age is a determinant of income because
A) with age typically come experience, education, and training that can increase income. B) age contributes to costs as medical expenses increase. C) older workers have accumulated more wealth. D) older workers have accumulated less wealth.
If the consumer price index (CPI) is 160 one year and 175 the next, the annual rate of inflation as measured by the CPI is approximately _____
a. 4.5 percent b. 8.6 percent c. 9.4 percent d. 15 percent e. 175 percent