In the current year, the CPI is 122 and during the previous year the CPI was 115. The inflation rate between these years is
A) -5.7 percent. B) -6.1 percent. C) 6.1 percent. D) 5.7 percent. E) 1.61 percent.
C
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When the price of Cosmopolitan magazine decreases from $5 to $3, the quantity demanded increases from 600,000 to 1,000,000 copies each month. Using the midpoint method, the price elasticity of demand equals
A) 1. B) 3. C) 2. D) 1/3. E) 1/2.
A perfectly competitive firm in the short-run can earn:
a. positive economic profits. b. negative economic profits. c. zero economic profits. d. all of these are possible
A group of musicians performing at a concert for charity in New York is an example of a cluster in economics
a. True b. False Indicate whether the statement is true or false
An increase in the price of a good could be caused by a. An increase in supply
b. An increase in demand. c. A decrease in supply and an increase in demand. d. Either b. or c.