If so how fast are they rising are they rising by 1

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Unformatted text preview: ng? If so, how fast are they rising? Are they rising by 1 percent, 3 percent, or 5 percent? Are prices falling? If so, how fast are they falling? As you read this chapter, think of the economy as a patient in a doctor’s office. Instead of the doctor checking out the economy, an economist will take the economy’s “pulse,” “height and weight,” and other vital signs. In later chapters you will learn more about the remedies economists prescribe for an unhealthy economy. 286 11 (286-309) EMC Chap 11 11/17/05 6:05 PM Page 287 The following events occurred one day in June. 1:13 P.M. Jones, the plumber, is just finishing up the job at Kevin’s apartment. Kevin asks Jones how much he owes him. Jones says, “$210.” “Okay,” says Kevin as he takes out his checkbook. “Oh, and by the way,” Jones adds, “could you pay me in cash?” • Why does Jones want to be paid in cash? 1:34 P.M. The economics professor is telling her class that China has one of the highest gross domestic products of any country in the world. A student rem...
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