Inflation can be measured by the
a. change in the consumer price index. Inflation in the U.S. has averaged about 2.5% over the last 80 years.
b. change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
c. percentage change in the consumer price index. Inflation in the U.S. has averaged about 3.6% over the last 80 years.
d. percentage change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
Answer: c. percentage change in the consumer price index. Inflation in the U.S. has averaged about 3.6% over the last 80 years.
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The market mechanism leads to underproduction of public goods because the supply of public goods is hidden.
Answer the following statement true (T) or false (F)
The table below shows the consumption schedule for a hypothetical economy. All figures are in billions of dollars.RGDPConsumption$600$590610598620606630614640622650630660638If investments were fixed at $12, taxes were zero, government purchases of goods and services were zero, and net exports were zero, then equilibrium real GDP would be $610 initially. If government purchases were then raised from $0 to $4, other things constant, the equilibrium real GDP would become
A. $630. B. $640. C. $650. D. $660.
The learning curve is the relationship between
A) returns to scale and cumulative costs. B) marginal costs and current output. C) marginal product of labor and current output. D) average costs and cumulative output.
The average trade balance from 2005 through 2008 was $____________ billion which was reduced to $____________ billion in 2009.
Fill in the blank(s) with the appropriate word(s).