If the consumer price index (CPI) in Year X was 300 and the CPI in Year Y was 325, the rate of inflation for Year Y was:
a. 325 percent.
b. 25 percent.
c. 5 percent.
d. 8 percent.
d
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Economists estimated that the cross-price elasticity of demand for beer and wine is -0.83 and the income elasticity of wine is 5.03. This means that
A) beer and wine are substitutes and wine is a luxury good. B) beer and wine are substitutes and wine is an inferior good. C) beer and wine are complements and wine is a luxury good. D) beer and wine are complements and wine is an inferior good.
The more interest-sensitive is money demand, the
A) more effective is fiscal policy relative to monetary policy. B) more effective is monetary policy relative to fiscal policy. C) steeper is the IS curve. D) steeper is the LM curve.
The 1996 replacement of Aid to Families with Dependent Children with Temporary Assistance for Needy Families constitutes the single biggest reform in the welfare system in the United States in the last 70 years
a. True b. False
Which of the events listed above could cause a movement from Y to W?
Consider the following events
a. an increase in the unemployment rate
b. a decrease in a nation's money supply
c. a war that kills a significant portion of a nation's population
A. a and c only
B. a and b only
C. c only
D. a only
E, a, b and c