In the last three decades, inflation has been relatively low in the U.S. economy, with the Consumer Price Index typically rising what percentage per year?
a. 1% to 2%
b. 2% to 3%
c. 2% to 4%
d. 3% to 4 %
c. 2% to 4%
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Other things remaining the same, which of the following is likely to happen if an industry introduces labor-saving technology in production?
A) There will be a decrease in both the wage rate and the employment levels in the industry. B) There will be a rise in both the wage rate and the employment levels in the industry. C) There will be a rise in the wage rate and a decrease in the employment levels in the industry. D) There will be a decrease in the wage rate and a rise in the employment levels in the industry.
The "income effect" in the market for aspirin means that
A) aspirin are generally taken by people with higher than average incomes. B) a decrease in the price of a substitute good like acetaminophen will make aspirin takers feel a little poorer than they were before. C) an increase in the price of aspirin will reduce the total purchasing power of aspirin takers, making them able to afford fewer aspirin. D) an increase in the price of aspirin will cause headache sufferers to look for a lower priced remedy.
Economic growth can be measured by:
a) The CPI b) The CBI c) GDP d) MPC
Refer to the above diagram. The budget line shift which moves the consumer's equilibrium position from point A to point B suggests:
A) an increase in the quantity of Y demanded. B) a decrease in the quantity of Y demanded. C) a leftward shift in the demand curve for Y . D) a rightward shift in the demand curve for Y .