If the inflation rate in 2014 was 12.5 percent and the price index for 2012 (the base year) was 100, the price index for 2014 was _____
a. 120.5
b. 121.5
c. 112.5
d. 102.5
c
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Identify the correct statement
a. Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price. b. Demand for a product is the same as the quantity demanded of a product. c. Demand represents the different quantities of a good or service that provides consumers the same amount of utility. d. Demand is the quantity of a product that people are willing and able to purchase at different prices. e. Demand is the quantity of a product that producers are willing to produce at a particular price.
Which of the following would be considered a private good?
a. a ferry boat ride to an island with open seating b. a public beach c. fish in the ocean d. a swimming suit
Refer to Table 21.5:Table 21.5QTFCTVCTCAVCMC0 15--1 23 2 43 15 The average variable cost of the second unit of output in Table 21.5 is
A. $6.00. B. $15.00. C. $8.00. D. $4.00.
In the Solow model, if a country's saving rate (?) increased from 10% to 12% and it was operating at its steady state before the change, we would expect to see:
A. an increase in the capital stock only. B. a decrease in both the capital stock and output. C. an increase in output only. D. an increase in both the capital stock and output.