Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the inflation rate between 2014 and 2015 is ________%, and the inflation rate between 2015 and 2016 is ________%.
A. 7.4; 13.9
B. 3.9; 17.1
C. 6.1; 16.1
D. 10.2; 10.4
Answer: C
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Which of the following areas employed more workers as of 2016?
A. Educational and health services B. Business and professional services C. Retail trade D. Manufacturing companies
If national income accountants fail to make an adequate adjustment for increases in the quality of goods and services over time,
a. real GDP will overstate the growth rate of real output. b. the GDP deflator will underestimate inflation. c. the GDP deflator will overestimate inflation. d. real GDP will overstate the growth of real output, and the GDP deflator will understate inflation.
If an increase in the price of one good causes buyers to demand less of another good, then the two goods are:
A. normal goods. B. inferior goods. C. substitutes. D. complements.
In the 1945 ALCOA case, the court used company performance rather than the structure of the market to determine whether the company was in violation of antitrust laws.
Answer the following statement true (T) or false (F)