Use the following table to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Inflation for the year 2008 is
A. 80%.
B. 76.5%.
C. 71%.
D. 50%.
Answer: C
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The Phillips curve was ________
A) never very popular in policy circles B) influential in efforts to bring the unemployment rate down to low levels C) generally confirmed in the 1970s, when low unemployment persisted despite rising inflation D) all of the above E) none of the above
Modern mixed economies
A. generally alter the outcome of market processes in a manner that is believed to be in the social interest. B. attempt to redistribute income to make the distribution of income more equitable. C. rely on the government as well as the market to effect the distribution of goods and services. D. undertake all of the actions listed.
Assuming that leisure is a normal good, if an individual's labor supply curve is upward sloping, then the
A. substitution effect outweighs the income effect at higher wages. B. income effect outweighs the substitution effect at higher wages. C. income effect and the substitution effects are equal. D. income effect is zero.
Government spending accounts for ________ the private market in health-care expenditures.
A. much less than B. slightly more than C. slightly less than D. much more than