The total cost of a basket of goods and services in the years 2008, 2009, and 2010 were $4,500, $5,000 . and $6,000 . respectively. Assuming 2009 as the base year, the inflation rate in 2010 was _____
a. 15 percent
b. 5 percent
c. 20 percent
d. 10 percent
c
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An increase in the demand for washing machines might be caused by
A. a decrease in the number of buyers. B. an expected increase in the price of washing machines. C. a decrease in the price of washing machines. D. an expected decrease in the price of washing machines.
Which of the following will not shift the demand for labor to the right?
A. an increase in the wage rate B. an increase in the demand for output C. an increase in the price of a competing input D. an increase in the competitiveness of an industry
Of the $840 billion American Recovery and Reinvestment Act stimulus package which was enacted in 2009, approximately ________ took the form of tax cuts and ________ took the form of increases in government expenditures
A) one-third; two-thirds B) one-tenth; nine-tenths C) one-half; one-half D) three-fourths; one-fourth
Suppose the Economics Department has a graduation party for its students but as a final test they must show they have learned something about trade. The men are given food when they walk in and the women are given drink. Suppose they have identical preferences where food and drink provide utility U = F?D? . The exchange would be such that
a. both would be guaranteed to be better off than when they entered. b. both would be guaranteed to be at least as well off as when they entered. c. the men would end up with more. d. the women would end up with more.