Table 20-5Year CPI 2015 207 2016 215 10. Refer to Table 20-5. Consider the following values of the consumer price index for 2015 and 2016. The inflation rate for 2016 was equal to
A) 215 percent.
B) 21.5 percent.
C) 8.0 percent.
D) 3.9 percent.
Answer: D) 3.9 percent.
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/500 B. 500 C. 1/250 D. 1/10
If total spending is less than total output, then price levels will
A. rise and production will increase. B. rise and production will decrease. C. fall and production will increase. D. fall and production will decrease.
Agricultural extension refers to
a. increasing the amount of land on which crops are grown b. helping farmers understand and use new techniques c. increasing the number of workers on the land d. increasing the range of inputs used by farmers e. none of the above
Refer to the above figure. How do you describe what is happening as the economy moves from point A to point B?
A. The technology for growing wheat has improved. B. Land that was once used to grow wheat is now being used to graze sheep. C. The economy has acquired new resources that are well suited for producing wool. D. The economy is producing more bread by choosing to produce less wool.