If the price level in year 1 was equal to 100 and the price level in year 2 was equal to 1,000, in year 2 the country is experiencing:Group of answer choicesstable priceshyperinflationdeflationinflation

The price of a market basket of goods in a specific year divided by the price of the same market basket of goods in the base year multiplied by 100 is called a ______.Multiple choice question.price indexreal GDPconsumption indexnominal GDP

If the GDP deflator rises from 185 to 190, what is the percentage increase in the price level between the two years?Group of answer choices270%50%5%2.7%

Suppose nominal GDP in 2011 increased by 5% (over its previous level in 2010). Given this information we know with certainty that Group of answer choices real GDP increased during 2010 the price level increased during 2010 both the price level and the real GDP increased during 2010 either the price level or real GDP increased during 2010 more information is needed to answer this question.

f the price of a basket of goods in year 2 is $11 and the price of the same basket of goods is $10 in the year 1 (the base year), then the price index for year 2 is:Multiple choice question.1101.1

The automatic mechanism ________ the price level in the case of ________ and ________ the price level in the case of ________.Group of answer choicesraises; recession; lowers; expansionraises; expansion; raises; recessionlowers; expansion; lowers; recessionlowers; recession; raises; expansion