10 Economic Questions
I have 10 questions and I need the answer:
1) Mitch makes payments on a car loan. If the price level a year ago was 120 and people expected it to rise to 125 but it actually rose to 128, what happened to the real value of Mitch’s payment as opposed to what he was expecting to happen? Express your answer to the nearest 100th.
2) if the price level were to rise from 160 t0 200, in what direction and by how much would the value of a dollar change?
The rest in the attched file