If the price level was 100 in 2017 and 102 in 2018, the inflation rate was
A. 102%.
B. 0.2%.
C. 2%.
D. 20%.
Answer: C
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The V in the equation of exchange represents the:
a. variation in the GDP. b. variation in the CPI. c. variation in real GDP. d. average number of times per year a dollar is spent on final goods and services.
Consider the labor market for short-order cooks. An increase in immigration will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.
A price ceiling is:
A.) A lower limit on the price of a good. B.) Above the equilibrium price. C.) An upper limit on the price of a good. D.) A limit on the price of goods sold abroad.
Suppose that in Germany, the opportunity cost of producing a gallon of beer is 5 gallons of wine. In Italy, the opportunity cost of producing a gallon of beer is 3 gallons of wine
a. What is the opportunity cost of producing a gallon of wine for Germany? b. What is the opportunity cost of producing a gallon of wine for Italy? c. Which country has a comparative advantage in the production of beer? d. Which country has a comparative advantage in the production of wine?