If the CPI in 2015 was 114.7 and the CPI in 2016 was 124.5, then the rate of inflation between 2015 and 2016 was
A. 7.9%.
B. 8.5%.
C. 9.8%.
D. 14.7%.
Answer: B
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Bagels and cream cheese are complementary goods. Suppose that the price for flour, which is used to produce bagels, increases. The equilibrium price of cream cheese ________, and the equilibrium quantity of cream cheese ________
A) does not change; does not change B) falls; decreases C) falls; increases D) rises; increases E) rises; decreases
Roughly what percentage of money income was earned by the highest 5% of income earners in the U.S. in 2010?
A) 10% B) 20% C) 30% D) 40% E) 50%
Perfectly elastic demand is represented by a demand curve that
A) is vertical. B) is horizontal. C) has a 45° slope. D) is a rectangular hyperbola.
If price is between the break-even point and the shutdown point, in the long run the firm will
A. operate. B. shut down. C. stay in business. D. go out of business.