If the CPI is 230 in year 1 and 249 in year 2, what is the approximate percentage change in prices between the two years?
A) 7.6 percent
B) 8.3 percent
C) 15.7 percent
D) 11.4 percent
E) 6.0 percent
B
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When the aggregate demand curve and the short-run aggregate supply curve intersect,
A) the economy is in short-run macroeconomic equilibrium. B) inflation must be increasing. C) structural and frictional unemployment equal zero. D) the long-run aggregate supply curve must also intersect at the same point.
France is capital abundant and Italy is labor abundant. Shoes are labor intensive and wheat is capital intensive
Draw diagrams to illustrate the pre- and post-trade equilibria for each of the two countries including the production points, the consumption points, the international price, and the volumes of exports and imports for each. Be sure to identify which country has comparative advantage in which good. Which factors gain and which lose when trade is opened between the two countries? Explain carefully.
Which of the following would lead to a rightward shift in the demand curve for golf balls?
a. An increase in the price of golf clubs b. A decrease in the popularity of golf c. An increase in the number of golfers d. A decrease in the price of golf balls e. An increase in the golf club membership fee
When a price-taking country joins the global market for some good, it:
A. shifts the world demand and supply to the right. B. has a negligible effect on the world equilibrium. C. shifts the world demand to the right, and the world supply to the left. D. shifts the world demand and supply to the left.