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Which of the following statements is true?a. deflation is an increase in the general level of prices.b. The consumer price index measures changes in the average prices of consumer goods and services c. Disinflation is an increase in the rate of inflationd. real income is the actual number of dollars received over a period of time e. the real interest rate equals the nominal rate of interest plus the inflation rate

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Q; 2. In the following examples, would the classical model of the price level bea useful model for analyzing how the economy behaves?a. The economy has high unemployment and no history of inflation.b. The economy has just experienced five years of hyperinflation.c. Although the economy experienced inflation in the 10% to 20% rangethree years ago, prices have recently been stable and theunemployment rate has approximated the natural rate ofunemployment.

As interest rates increase, bond prices decrease.

Q: Cyclical unemployment and the output gap:a) move together, but cyclical unemployment fluctuates morethan the output gap.b) have a relationship that Okun's law quantifies.c) are negatively related: In the United States, when the cyclical unemployment rate increases by 1%, the output gap decreases by 0.5%.d) Answers (a), (b), and (c) are all correct.

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