am. 113. OA. (1) is true; (2) is false.OB. (1) is false; (2) is true.OC. (1) and (2) are false.OD. (1) and (2) are true.Price level (GDP deflator, 2007-100)1101009000808070%60-LASSAS

The correct answer is (C).The graph shows the relationship between the price level and the output…

Answered: OA. (1) is true; (2) is false. OB. (1)…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 2SCQ: Construct the price index for a fruit basket in each year using 2003 as the base year.

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The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?
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Question 21 I NGDP in the base year and RGDP in the current aro equal, then Oa There has been inflation or deflation Ob. There has been deflation only Oc There has been inflation only Od The GDP deflator must be equal to 1
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OA. (1) is true; (2) is false. OB. (1) is false; (2) is true. OC. (1) and (2) are false. OD. (1) and (2) are true. Price level (GDP deflator, 2007-100) 110 100 90 00 80 80 70 % 60- LAS SAS