Over a ten-year period, the Consumer Price Index doubled. On the basis of this information and using the rule of 70, we can say that the average annual rate of inflation over this period was approximately:
A. 10 percent
B. 9 percent
C. 7 percent
D. 5 percent
C. 7 percent
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Comparing a market basket A to other market baskets, we can say that for a typical consumer, A is preferred to baskets to the
a. southwest but less preferred to baskets to the northeast. b. northeast but less preferred to baskets to the southwest. c. northwest but less preferred to baskets to the southeast. d. southeast but less preferred to baskets to the northwest .
In a closed economy, national savings is:
A. the sum of the savings of individuals and corporations plus the savings of the government. B. the sum of public savings plus private savings. C. equal to national investment. D. All of these are true.
Consider a country Atlantica, using dollars ($) as its currency. If this country sets a price for gold, and then issues currency such that the amount in circulation is equivalent to the value of gold held in reserve, it is said to be the following:
a. an exchange standard. b. a gold standard. c. a reserve currency standard. d. a crawling peg standard. e. a currency board standard.
The sometimes inconsistent results coming from a series of paired-choice voting is due to:
A. Voters changing their preferences B. Irrational preferences among some voters C. A normal consequence of majority voting D. Voters not having a good idea of their preferences