If the CPI changes from 125 to 120 between 2017 and 2018, how did prices change between 2017 and 2018?
A) Prices increased by 5%.
B) Prices decreased by 5%
C) Prices increased by 25%.
D) Prices decreased by 4%.
Answer: D
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The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = 1 represents the world supply curve
A $1 per unit tariff has the same effect on producer and consumer surplus as a quota of A) Q1 units. B) Q2 units. C) Q2 - Q1 units. D) Q1 - Q2 units.
Most goods are:
A. exclusive. B. public goods. C. rival in consumption. D. nonrival in consumption.
Which of the following is an example of a resource?
a. a river b. a tractor c. the chef at a restaurant d. all of the above are resources
Which of the following transactions would be recorded as a credit in the U.S. current account?
A. a Japanese bank's purchase of IBM stock B. a Japanese consumer's purchase of an Apple computer C. an American tourist's payment to a Japanese hotel D. an American consumer's purchase of a Toshiba VCR