Suppose that the inflation rate was 4 percent in 2002 and 3 percent in 2003 . This would mean that
a. the price level fell from 2002 to 2003
b. the price level fell at a faster rate in 2003 than in 2002
c. the price level rose at a faster rate in 2003 than in 2002
d. the price level rose at a slower rate in 2003 than in 2002
e. all prices in the economy rose at a rate of 3 percent in 2003
D
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H. Ross Perot's famous claim in 1992 that the North American Free Trade Agreement (NAFTA) would cause a "great sucking sound" referred to
A. a rapid increase in U.S. exports to Mexico. B. a huge increase in foreign direct investment in the United States. C. a rapid increase in the wage inequality in Mexico. D. an instant shift of jobs from the United States to the Mexico.