The price index was 170 in the first year, 180 in the second year, and 195 in the third year. The inflation rate was about
a. 5.6 percent between the first and second years, and 7.7 percent between the second and third years.
b. 5.9 percent between the first and second years, and 8.3 percent between the second and third years.
c. 10 percent between the first and second years, and 15 percent between the second and third years.
d. 80 percent between the first and second years, and 95 percent between the second and third years.
b
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Which of the following is one component of the "trilemma" that is faced by policy makers in choosing monetary arrangements?
A) exchange rate stability B) restrictions on international capital movements C) tariffs and subsidies D) restrictions on the migration of labor E) global inflation
Which one of the following industries is best classified as an oligopoly?
A) textbook publishers B) retailing C) wheat farms in the United States D) fast food restaurants
If an unregulated electric company is a monopolist, faces demand of Q = 100 - 50P, and has a constant marginal cost of 1, the profit-maximizing price is
a. 0 b. 1 c. 1.5 d. 2
When an individual's MRP is not measurable, his or her market wage is usually determined by
A. The individual's comparable worth. B. The selling price of his or her output. C. His or her opportunity wage. D. The individual's MPP.