Suppose that a price index in Paraguay was 131 in 2015 and 152 in 2016. The inflation rate between those two years was approximately:
A. 10.5 percent.
B. 11.6 percent.
C. 16 percent.
D. 21 percent.
Answer: C
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A demand schedule is a table showing how the ____ of some product during a specified period of time changes as ____ changes, holding all other determinants of quantity demanded constant
a. demand; the price of its complement b. demand; the quantity supplied c. quantity demanded; the price of its substitute d. quantity demanded; the price of that product
If consumers would be willing to purchase the same quantity of a good no matter what its price was, the demand curve would
a. be a vertical line, and demand would be perfectly inelastic. b. be a horizontal line, and the demand would be perfectly elastic. c. not exist. d. be identical to the supply curve for the good.
During the rapid urbanization and industrialization between 1815 and 1859, there were no economic depressions.
Indicate whether the statement is true or false
Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000 . Charles's income elasticity of demand for basketball ticket is
a. 0.82, and basketball tickets are a normal good. b. 0.82, and basketball tickets are an inferior good. c. 1.22, and basketball tickets are a normal good. d. 1.22, and basketball tickets are an inferior good.