The Value of an Item Expressed in Purchasing Power That

question 187

Multiple Choice

The value of an item expressed in purchasing power that varies with the overall price level is known as

• A) inflation.
• B) deflation.
• C) the nominal value.
• D) the real value.

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Definitions:

Louisiana Purchase

The acquisition of the territory of Louisiana by the United States from France in 1803, doubling the size of the U.S. and opening the west for expansion.

Virginia Plan

A proposal at the Constitutional Convention (1787) that called for a national government with three branches and a two-chamber legislature with representation based on state population.

Bill of Rights

The first ten amendments to the United States Constitution, guaranteeing such rights as the freedoms of speech, assembly, and worship.

State Governments

The individual governing bodies of the 50 states in the United States, each with its own constitution and powers.