The price index was 120 in 2006 and 127.2 in 2007. What was the inflation rate?
a. 5.7 percent
b. 6.0 percent
c. 7.2 percent
d. 27.2 percent
b. 6.0 percent
You might also like to view...
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Define the term "property rights." Explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system
What will be an ideal response?
Which of the following individuals would be considered unemployed by the official government definition?
a. Alexander, a mathematician, who returned to graduate school after failing to find a job the last four months. b. Abigail, a medical student, who is still in college and is not working. c. Elizabeth, who is employed part-time but desires a full-time job. d. Darius, an auto worker vacationing in Florida during a layoff at a General Motors plant.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his explicit costs?
a. $26,000 b. $52,000 c. $66,000 d. $78,000