In the current year, the CPI is 160 and during the previous year the CPI was 181. The inflation rate between these years is
A) 11.6 percent.
B) -13.1 percent
C) -013.1 percent.
D) -11.6 percent.
E) 13.1 percent.
D
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Sharon consumes 10 chocolates when the price of one chocolate is $2. If her arc elasticity of demand for chocolates is -1, she consumes ________ chocolates when the price increases to $4
A) 5 B) 6 C) 8 D) 9
The increase of sub-prime (including Alt-A) loans as a share of the total from 2001-2005 was an important contributing factor to the economic crisis of 2008 because
a. these loans initially reduced the demand for housing. b. these loans initially reduced housing prices. c. the default and foreclosure rates on these loans are several times higher than conventional loans to prime borrowers. d. the default and foreclosure rates on these loans are considerably lower than conventional loans to prime borrowers.
Taylor spends all of her income on tank tops and running shoes, and the price of a pair of running shoes is four times the price of a tank top. In order to maximize total utility, Taylor should buy
a. four times as many tank tops as pairs of running shoes. b. four times as many pairs of running shoes as tank tops. c. both items until the marginal utility of a pair of running shoes is four times the marginal utility of a tank top. d. both items until the marginal utility of a tank top is four times the marginal utility of a pair of running shoes.
Which of the following would result in a movement along the production possibilities curve?
A) a fall in the unemployment rate B) growth in the capital stock C) population growth D) a change in the composition of two goods that a society chooses to produce