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- If the price level were to rise from 160 to 200, in what direction and by how much would the value of a dollar change?During an economic downturn in the US, the automobile industry sales fell 1.2% from the previous year's sales of $6.3 million. Calculate the expected sales in millions after the decline (round to the nearest hundreth of a million) Blank 1If crude oil prices rise significantly, then heating oil prices will most likely: Decrease Increase Stay the same
- The rise of digital music and the improvement to the DVD format are part of the reasons why the average selling price of standalone DVD recorders will drop in the coming years. The function below gives the projected average selling price (in dollars) of standalone DVD recorders in year t, where t = 0 corresponds to the beginning of 2002.† A(t) = 699 (t + 1)0.94 (0 ≤ t ≤ 5) What was the average selling price of standalone DVD recorders at the beginning of 2003? At the beginning of 2006? (Round your answers to the nearest dollar.) 2003$. 2006$the phrase "a sustained increase in the average level of prices for goods and services in an economy over time" describes which of the following terms?Why do the prices of primary products tend to be unstable?
- The following graph shows a rough approximation of historical and projected median home price is for a country for the period 2000-2024. FILL IN BLANKS.Recent data from the Bureau of Labor Statistics show that the average price level for consumers rose 5.4% over the past year. While some are expressing concern over rising inflation leading the economy to “overheat,” there is some evidence indicating that this is due to the reopening of the economy as producers adjust to rising demand for goods and services. Many of the goods with the largest price increases, like bacon or cars and trucks, cannot have their production ramped up as quickly as demand is increasing. Other industries are facing supply chain challenges, like shortages of truck drivers. These problems are most likely to be short term, so, as supply catches up with demand, we can expect to see prices return to normal. As evidence, after spiking to record highs in early summer, lumber prices have now fallen below their price at the start of the year. The reason for the dramatic price increase earlier in the year was a combination of reduced supply in 2019 and a surge in demand…T/F Real GDP does not affect with the level of price.