In 2006, the Base Price of a Hummer SUV Was

question 370

Multiple Choice

In 2006, the base price of a Hummer SUV was about $30,000. By 2008 as gasoline prices increased,

• A) the demand curve for Hummers shifted leftward and Hummer prices decreased.
• B) the demand curve for Hummers shifted rightward and Hummer prices increased.
• C) there was a movement down along the Hummer demand curve.
• D) there was a movement up along the Hummer supply curve.

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Definitions:

Actual Inflation

The real-time increase in the general price level of goods and services in an economy over a period of time.

Samuelson And Solow

Economists Paul Samuelson and Robert Solow, known for their contributions to welfare economics, public finance, and economic growth theories.

Phillips Curve

A curve that shows the short-run trade-off between inflation and unemployment.

Economic Outcomes

The results or consequences of economic activities and decisions on an individual, regional, or global level, including factors like growth, employment, and wealth distribution.