Deflation is an overall:
A. rise in prices in the economy.
B. decline in prices in the economy.
C. rise in prices in the economy, excluding those with historically volatile price changes.
D. decline in prices in the economy, excluding those with historically volatile price changes.
B. decline in prices in the economy.
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Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries? a. GDP per capita does not take into account differences in population between countries
b. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity occurs outside of officially measured market activity than in less-developed countries. c. GDP per capita will overstate the prevailing standard of living for the average person in countries with extreme levels of income inequality. d. None of the above are correct.
When a dinner in Bulgaria costs 150 Bulgarian levas, it will cost a U.S. resident ________ dollars, if the exchange rate is 1.5 Bulgarian levas to the dollar
A) $10 B) $100 C) $120 D) $150