In 1979 and 1980

question 112

Multiple Choice

In 1979 and 1980,

• A)the U.S.inflation rate as measured by the GDP deflator was higher than that measured by the CPI,and the difference was explained by rapidly rising prices of goods exported by the U.S.
• B)the U.S.inflation rate as measured by the CPI was higher than that measured by the GDP deflator,and the difference was explained by rapidly rising prices of goods exported by the U.S.
• C)the U.S.inflation rate as measured by the GDP deflator was higher than that measured by the CPI,and the difference was explained by rapidly rising oil prices.
• D)the U.S.inflation rate as measured by the CPI was higher than that measured by the GDP deflator,and the difference was explained by rapidly rising oil prices.

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Definitions:

Opportunity Cost

Abandoning the possibility of gains from alternative options by selecting one choice.

Vending Machine

An automated machine that provides items such as snacks, beverages, and other products to consumers after money, a credit card, or a specially designed card is inserted into the machine.

Bag of Chips

A packaged snack made from thinly sliced potatoes or other vegetables, fried or baked, commonly seasoned and served in a sealed bag.

Candy Bar

A confectionery item that typically combines chocolate with other ingredients like nuts, caramel, or nougat.