11 A survey of the opinions of eleven leading economists in a certain country showed that, because oil prices were expected to drop in that country over the next 12 months, they had reacted in the following way. Seven had lowered their estimate of the consumer inflation rate. Seven had raised their estimate of the gross national product (GNP) growth rate. Four had lowered their estimate of the consumer inflation rate but had not raised their estimate of the GNP growth rate. How many economists had both lowered their estimate of the consumer inflation rate and raised their estimate of the GNP growth rate for that period? economists
11 A survey of the opinions of eleven leading economists in a certain country showed that, because oil prices were expected to drop in that country over the next 12 months, they had reacted in the following way. Seven had lowered their estimate of the consumer inflation rate. Seven had raised their estimate of the gross national product (GNP) growth rate. Four had lowered their estimate of the consumer inflation rate but had not raised their estimate of the GNP growth rate. How many economists had both lowered their estimate of the consumer inflation rate and raised their estimate of the GNP growth rate for that period? economists
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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11
A survey of the opinions of eleven leading economists in a certain country showed that, because oil prices were expected to drop in that country over the next 12 months, they had reacted in the following way.
Seven had lowered their estimate of the consumer inflation rate.
Seven had raised their estimate of the gross national product (GNP) growth rate.
Four had lowered their estimate of the consumer inflation rate but had not raised their estimate of the GNP growth rate.
Seven had raised their estimate of the gross national product (GNP) growth rate.
Four had lowered their estimate of the consumer inflation rate but had not raised their estimate of the GNP growth rate.
How many economists had both lowered their estimate of the consumer inflation rate and raised their estimate of the GNP growth rate for that period?
economists
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