The table above gives the U.S. CPI for six years. Calculate the inflation rates between 1997 to 1998, 1998 to 1999, 1999 to 2000, 2000 to 2001, and 2001 to 2002
What will be an ideal response?
Between 1997 to 1998, the inflation rate was 3.0 percent. Between 1998 to 1999, the inflation rate was 2.3 percent. Between 1999 to 2000, the inflation rate was 1.6 percent. Between 2000 to 2001, the inflation rate was 2.2 percent. And between 2001 to 2002, the inflation rate was 3.4 percent.
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A monopsony has an upward sloping supply curve because
A) diminishing marginal product to scale does not exist in a monopsony. B) each additional unit of labor costs less. C) when more units of labor are hired, all laborers must receive the higher wage. D) when more units of labor are hired, only the new workers receive the higher wage.
Traveler's checks are included in
a. M1 but not M2. b. M2 but not M1. c. M1 and M2. d. neither M1 nor M2.
The quantity demanded is called inelastic if a ______.
a. huge change in price causes a huge change in quantity demanded b. small change in price causes a small change in quantity demanded c. huge change in price causes only a small change in quantity demanded d. small change in price causes a huge change in quantity demanded
Exhibit 6-1 Total utility for good X Total utility (utils)0 80 120 148 160 155 Quantity consumed per day0 1 2 3 4 5 As shown in Exhibit 6-1, the law of diminishing marginal utility is first observed at the:
A. first unit. B. second unit. C. third unit. D. fourth unit.