Inflation is best defined as being: (a) a phenomenon caused exclusively be excessive money supply growth

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1. Inflation is best defined as being: (a) a phenomenon caused exclusively be excessive money supply growth; (b) the increase in living standards associated with rising wages universally; (c) the economic outcome that results from inappropriate fiscal policy; (d) a general and sustained increase in the level of prices.

2. Which of the following is the most comprehensive measure of overall inflation in the United States? (a) the (implicit) GDP deflator; (b) the consumer price index; (c) the producer price index; (d) the inflation premium built into Treasury inflation-protected securities (TIPS).

3. The Federal Reserve’s most preferred price index for setting monetary policy is the: (a) consumer price index; (b) the core personal consumption expenditures deflator; (c) the inflation premium built into Treasury inflation-protected securities (TIPS); (d) the Philadelphia Federal Reserve Bank’s inflation survey of economists.

4. Suppose the implicit GDP deflator, a quarterly measure of the price level, increases from 108.3 in the second quarter to 109.7 in the third quarter. The Bureau of Economic Analysis will report that the price level changed by how many percent on an annualized basis? (a) 1.3%; (b) 1.4%; (c) 5.3%; (d) 16.7%.

5. What can best be said about communications policy of the Federal Reserve over the last couple of decades? (a) official communications and statements from unofficial sources within the Federal Reserve System should be taken with equal authority; (b) the only official statements are those made by the Chairman in speeches and testimonies; (c) greater transparency via communications can be used as an additional tool of policy implementation; (d) Federal Reserve officials should speak only to major media outlets, like the Wall Street Journal, Bloomberg and CNBC.

6. A persistent increase in the actual growth rate of real GDP in excess of the growth rate of potential real GDP likely will most result eventually in: (a) accelerating inflation; (b) a recession; (c) stagflation (rising inflation and falling real economic growth); (d) a looser monetary policy from the Federal Reserve.

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