Suppose that a price index in Latvia was 120 in 2015 and 150 in 2016. The inflation rate between those two years was approximately:
A. 8 percent.
B. 12.5 percent.
C. 25 percent.
D. 30 percent.
Answer: C
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When used in a professional or technical sense, the law of supply and demand refers to
A. some vague influences on economic affairs. B. the fact that prices go up when commodities are scarce. C. the market forces that show how prices and quantities are determined. D. the controls that regulate the amount of scarce goods that each consumer can purchase.
During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee
How is the gain from imports distributed between consumers and domestic producers? A) U.S. producer surplus shrinks. B) U.S. consumer surplus increases. C) Total U.S. surplus increases. D) All the above answers are correct.
Exhibit 12-6 Lorenz curves
Exhibit 12-6 shows the Lorenz Curve for three countries, I, II, and III. Which of the following statements is true?
A. Country I has the most unequal income distribution. B. Country II has the more equal income distribution than Country I. C. Country I has the most equal income distribution. D. Country III has the most equal income distribution.
In Porter's model of the determinants of national competitive advantage, he noted many US firms were led by people with ______ backgrounds, likely leading to US firms' lack of attention to improving manufacturing process and product design.
Fill in the blank(s) with the appropriate word(s).