Table 7.1GDP Nominal GDP(in billions of dollars)GDP deflatorCPI2002S6,992.4106.2151.620037,431.6109.1153.820047,843.2112.3157.8Based on Table 7.1, the rate of inflation between 2002 and 2003 using the CPI was
A. 2.2 percent.
B. 6.2 percent.
C. 4.1 percent.
D. 1.5 percent.
Answer: D
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The Sandy Deli operates near a college campus. It has been selling 325 sandwiches a day at $1.75 each and is considering a price cut. It estimates 450 sandwiches would sell per day at $1.50 each. Calculate the marginal revenue of such a price cut and the elasticity between the two points.
What will be an ideal response?
Secondary markets make financial instruments more
A) solid. B) vapid. C) liquid. D) risky.
Refer to Scenario 10.1. How much profit will she make?
A) -996 B) 0 C) 1,296 D) 1,568 E) none of the above
Without a belief that the market has failed, which of the following will result in deadweight loss?
A. A price below or above equilibrium B. A price above equilibrium C. A price at equilibrium D. A price below equilibrium