The price level has doubled in 35 years. The approximate annual percentage rate of increase in the price level over this period has been:
A. 20 percent.
B. 2 percent.
C. 5 percent.
D. 50 percent.
Answer: B
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Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced. B) there are not enough goods to satisfy all of the buyers' demand. C) there is more than enough money to satisfy consumers' wants. D) the resources we use to produce goods and services are limited.
In the above table, the employment-to-population ratio is
A) 51 percent. B) 42 percent. C) 62 percent. D) 44 percent.
The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
Continuing with the same vacation-insurance company from the preceding question, what vacation-day price(s) would be acceptable to both the family and the insurance company?
a. 2 only b. 3 only c. 2 or 3 d. 4