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Review Chapter 31

Authored by Shereen Bacheer

Business

University

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Review Chapter 31
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When prices are falling, economists say that there is

disinflation

deflation

a contraction

an inverted inflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term hyperinflation refers to

the spread of inflation from one country to others.

a decrease in the inflation rate.

a period of very high inflation.

inflation accompanied by a recession.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of money falls as the price level

rises, because the number of dollars needed to buy a representative basket of goods rises

rises, because the number of dollars needed to buy a representative basket of goods falls.

falls, because the number of dollars needed to buy a representative basket of goods rises.

falls, because the number of dollars needed to buy a representative basket of goods falls.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If  P denotes the price of goods and services measured in terms of money, then

1/P represents the value of money measured in terms of goods and services

P can be regarded as the “overall price level.”

an increase in the value of money is associated with a decrease in P.

All of the above are correct.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With the value of money on the vertical axis, the money supply curve is

upward-sloping.

downward-sloping.

horizontal.

vertical.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If M = 3,000, P = 2, and Y = 12,000, what is velocity?

1/2

2

4

8

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If velocity = 3.5, the quantity of money = 15,000, and the price level = 1.2, then the real value of output is

3,571.43

4,285.71

5,142.86

43,750.00.

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