If the consumer price index (CPI) is 220 one year and 210 the next, the annual rate of inflation as measured by the CPI is approximately _____
a. ?2.3 percent
b. ?4.6 percent
c. 10 percent
d. 4.8 percent
e. 220 percent
b
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Refer to the figures. The market is characterized by demand curve D2 and supply curve S1. The firms in the industry are earning ________, which will cause the______________.
Fill in the blank(s) with the appropriate word(s).
The above figure shows the labor market in an undeveloped nation. If the minimum wage is set at $5.00 per hour, what effect will it have on the market for low-skilled labor?
A) The minimum wage will have no effect when set above the equilibrium wage rate. B) The minimum wage will create a surplus of low-skilled labor. C) The minimum wage will create a shortage of low-skilled labor. D) The minimum wage will attract more labor to the low-skilled labor market and cause the wage rate to fall.
Refer to Figure 16-1. What is the consumer surplus received under perfect price discrimination?
A) the area under the demand curve above P1 B) the area under the demand curve above P4 C) the area under the demand curve above P3 D) zero
The marginal revenue curve of a firm coincides with the average revenue curve under perfect competition
a. True b. False Indicate whether the statement is true or false