If the Consumer Price Index was 170 in one year and 180 in the next year, then the rate of inflation from one year to the next was approximately:
A. 7.2 percent.
B. 6.3 percent.
C. 5.5 percent.
D. 5.9 percent.
Answer: D
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The graph shown portrays a subsidy to buyers. Once the subsidy is in place, the buyers pay _____ and the sellers receive ________; the difference is ___________.
A. $24; $40; the amount of the subsidy
B. $30; $46; the amount of the subsidy
C. $40; $24; the amount of the subsidy
D. $24; $40; the amount of government revenue
Which is not an essential characteristic of a perfectly competitive market?
A. Goods are standardized. B. Buyers have perfect information. C. Goods from one seller cannot be distinguished from another's. D. Firms have limited market power.
When a researcher evaluates the probability of an event by looking at how representative the sample is of the population of interest instead of the entire population, he is using:
a. an elimination heuristic. b. an availability heuristic. c. a representative heuristic. d. a recognition heuristic.
A network externality occurs when
A) the usefulness of a good is affected by celebrities who use the good.
B) there is production cost savings from being networked with buyers.
C) the usefulness of a good is affected by how many other people use the good.
D) there is production cost savings from being networked with suppliers.