If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years?
A) The cost of living has increased by 6%. B) The cost of living has increased by 12.7%.
C) The cost of living has decreased by 6%. D) The cost of living has increased by 2.9%.
D
You might also like to view...
There is excess production of tomatoes in the market. This implies that
A. the current price is above the equilibrium level. B. supply of tomatoes is more than the demand. C. quantity demanded is more than quantity supplied. D. the price will be rising, as a result.
Overbidding in a second-price sealed-bid auction is likely to result in a ________
A) negative consumer surplus B) positive consumer surplus C) zero producer surplus D) negative producer surplus
In economics, the term "equity" means
A) economic benefits are distributed fairly. B) everyone has an equal standard of living. C) the hardest working individuals consume all they want. D) only elected officials have high standards of living.
In a graph that illustrates a perfectly competitive firm, marginal revenue is
A) a diagonal line that lies below the firm's demand curve. B) a line that intersects the firm's demand curve from below at its lowest point. C) the same as the firm's demand curve. D) a line that intersects the firm's average total cost curve from below at its lowest point.