If the CPI is 120 in 2005 and 150 in 2006, what is the rate of inflation over this period?
A. 8%
B. 20%
C. 25%
D. 30%
Ans: C. 25%
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The diagram above illustrates the market for apartments in Victoria, British Columbia
a) If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus? b) What is the equilibrium rent and quantity of apartments?
Is the firm a perfect competitor or an imperfect competitor? Explain your answer in one sentence.
A decrease in the supply of nurses will the equilibrium wage and the equilibrium quantity of nursing services.
A decrease in the supply of nurses will .......... the equilibrium wage and ............ the equilibrium quantity of nursing services.
The reason that the prisoner's dilemma presents a dilemma is that:
A. each player has an incentive to play his or her dominant strategy, but when both choose the dominant strategy each player has a lower payoff than if they both had chosen the dominated strategy. B. each player has an incentive to play his or her dominated strategy, but when both choose the dominated strategy each player has a lower payoff than if they both had chosen the dominant strategy. C. neither player has a comparative advantage, so neither can infer what the other player will choose. D. the market cannot be in equilibrium because the players do not have dominant strategies.