Looking at the annual inflation rates in the United States from 2000 to 2013, we see that they
A) were above 10 percent throughout the period.
B) were at or below 5 percent throughout the period and was negative for a year.
C) started low, but increased to over 9 percent by the end of the period.
D) started out above 10 percent but fell to 5 percent by the end of the period.
E) were negative for most of the years during this period.
B
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Which of the following statements is true?
A) Trade leads to inefficient allocation of resources. B) Trade discourages workers to specialize in production. C) International trade creates supply bottlenecks. D) Trade allows people to choose occupations that suit their talents.
Gross domestic product
A) includes all the goods and none of the services produced in an economy in a given time period. B) measures the value of the aggregate production of goods and services in a country during a given time period. C) measures the value of labor payments generated in an economy in a given time period. D) is generally less than federal expenditure in any time period.
A singer would willingly perform in a concert for $100,000. If she is paid $500,000 for the concert, she is
A) receiving $500,000 to cover her opportunity cost. B) not being paid her full opportunity cost. C) receiving $400,000 of economic rent. D) certainly being paid more than warranted by the level of demand.
Which of the following will increase economic freedom?
a. subsidies and regulations that favor business b. high tariff rates c. high marginal tax rates d. protection of persons and their property from aggression