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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

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

Principles of Economics 2e
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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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
Transcribed Image Text: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
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