If the CPI was 108.4 in Year 1 and was 109.7 for Year 2, then the rate of Inflation between Year 1 and Year 2 was:
(a) 2.2%.
(b) 1.9%.
(c) 2.9%.
(d) 1.2%.
Answer: (d) 1.2%.
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As long as an additional worker hired by a firm produces
A) more output than the real wage rate, the firm will hire that worker. B) more output than the real wage rate, the firm will not hire that worker. C) less output than the real wage rate, the firm will hire that worker. D) some output, the firm will hire that worker. E) more output than the nominal wage rate, the firm will hire that worker.
The shape of the productivity curve reflects the
A) effects of capital accumulation. B) effects of technological progress. C) change in labor productivity as human capital increases. D) law of diminishing marginal returns. E) effects of population growth.
The benefit that Joan gets from eating cherries is an example of
A) when the external benefit equals the private benefit. B) a private benefit. C) an external benefit. D) an external cost. E) the marginal social cost of eating cherries.
A corporation that operates in several countries, but produces all of its output in its domestic country, is called a(n)
a. sole proprietorship b. international partnership c. multinational corporation d. international corporation e. domestic corporation