Suppose that the chain-weighted index for GDP in Gambia was 275 in 2015 and 350 in 2016. The inflation rate between those two years was approximately:
A. 20.2 percent.
B. 27.3 percent.
C. 37.5 percent.
D. 75 percent.
Answer: B
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A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At what price will this firm sell the output?
A) $19 B) $38 C) $285 D) $570 E) There is not enough information given to answer the question.
Stephen Moreno reported to the government interviewer that he worked 40 hours last week as a stocker at a Target department store. He is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
Assume the supply curve for cigars is a typical, upward-sloping straight line, and the demand curve for cigars is a typical, downward-sloping straight line. Suppose the equilibrium quantity in the market for cigars is 1,000 per month when there is no tax. Then a tax of $0.50 per cigar is imposed. The effective price paid by buyers increases from $1.50 to $1.90 and the effective price received by
sellers falls from $1.50 to $1.40 . The government's tax revenue amounts to $475 per month. Which of the following statements is correct? a. The demand for cigars is less elastic than the supply of cigars. b. The tax causes a decrease in consumer surplus of $390 and a decrease in producer surplus of $97.50. c. The deadweight loss of the tax is $12.50. d. All of the above are correct.
The infant-industry argument
a. is based on the belief that protecting industries when they are young will pay off later. b. is based on the belief that protecting industries producing goods and services for infants is necessary if a country is to have healthy children. c. has the support of most economists. d. is an argument that is advanced by advocates of free trade.