In the 1970s, a period of a high rate of inflation, a news magazine article listed people who were losing from inflation because their real purchasing power was falling. Those who lost the most were university professors.
Which of the following explains this?
A) Their wage rates did not increase as much as the CPI.
B) The marginal benefit of their work was falling.
C) The professors' market basket was different than the market basket used to calculate the CPI.
D) Their wage rates increased more rapidly than the CPI.
E) The professors suffered from the CPI bias.
Question 2
If European economies enter a recession,
A) U.S. aggregate demand decreases and the U.S. AD curve shifts rightward.
B) the quantity of real GDP demanded in the United States decreases and there is a movement down along the U.S. AD curve.
C) U.S. aggregate demand decreases and the U.S. AD curve shifts leftward.
D) the quantity of real GDP demanded in the United States increases and there is a movement up along the U.S. AD curve.
E) U.S. aggregate demand increases and the U.S. AD curve shifts rightward.
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