Looking at the historical values for annual inflation in the United States as measured by the Consumer Price Index, it is clear that inflation was
A) higher on average during the 1990s than during the 1970s.
B) higher on average during the 2000s than during the 1970s.
C) never less than 0 percent at any time during the last 50 years.
D) higher on average during the 1970s than during the 1980s.
E) was never greater than 10 percent at any time during the last 50 years.
D
You might also like to view...
Which of the following is an example of human capital?
A) a computer B) a college education C) a factory building D) a software program
Economists use general equilibrium models of an economy to explain
A) consumption levels. B) production levels. C) relative prices. D) All of the above.
Dusty Rags, Inc provides janitorial services to retail stores. Dusty had been charging $10 per hour and selling 400 hours of service per week at that rate. When he raised his price to $15 per hour, his customers cut back to 300 weekly hours of service. Which of the following is true?
a. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand curve for his services must have shifted to the right. b. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand for his services must be elastic. c. Revenue went from $4,000 per week to $4,500 per week, indicating that the demand for his services must be inelastic. d. Revenue went from $400 to $300 per week, indicating that demand must be elastic. e. Revenue went from $10 to $15 per week, indicating that demand must be inelastic.
The elasticity of supply is calculated by
a. determining the slope of the supply curve. b. dividing the absolute change in quantity supplied by the absolute change in price. c. dividing the percentage change in quantity supplied by the percentage change in price. d. dividing the percentage change in price by the percentage change in quantity demanded.