At the beginning of 2000, the CPI was 159.3. At the beginning of 2001, it was 177.6. What was the approximate rate of inflation in 2000?
A. 18.3 percent.
B. 11.5 percent.
C. 10.0 percent.
D. 7.6 percent.
Answer: B
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A higher price level would mean ____ for a person who has a bank deposit of $2 million
a. an increase in real income b. a decrease in real wealth c. a decrease in nominal income d. an increase in nominal income
Accounting costs are often unsatisfactory from the economist's point of view because
a. they fail to allow for depreciation, the wearing out of capital assets during a period. b. they often exclude the opportunity costs of the firm's equity capital. c. accountants attempt to minimize costs in order to make profits look good. d. accounting procedures are designed to overstate costs in order to minimize business tax liability.
Comparative advantage stems from a difference in
A. relative efficiency. B. absolute efficiency. C. natural endowment. D. tastes of consumers.
The group of economists that has stressed the idea of government failure is:
A. neo-Keynesian economists. B. Pre-Marxian economists. C. mainstream economists. D. public choice economists.