The inflation rate is the
A. Annual percentage rate increase in tax brackets.
B. Monthly percentage rate increase in the price of all goods and services.
C. Monthly adjustment of wages to the cost of living.
D. Annual percentage rate increase in the average price level.
Answer: D
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In the above figure, if the economy is at point a, an increase in ________ will move the economy to ________
A) real wealth from the fall in the price level; point b B) real wealth from the fall in the price level; point c C) expected future income; point c D) expected future income; point d
In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services
A) equals B) is less than C) may be greater than or less than D) is greater than
Eurobank activities cannot have any influence on domestic monetary practice since Eurodollars do not provide a means of payment
Indicate whether the statement is true or false
Recent data has shown that income and volunteer time are positively related. Assuming that volunteer time is included in leisure time, what could explain this observation?
A) Higher income individuals view leisure as a normal good such that the income effect dominates the substitution effect. B) Higher income individuals view leisure as a normal good such that the substitution effect dominates the income effect. C) Higher income individuals view leisure as an inferior good such that the income and substitution effects both increase leisure time. D) Both A and C.