At the end of last year the Consumer Price Index was equal to 157.5 and at the end of this year it was equal to 163.8. What is the inflation rate over this time period?
A) 6.3 percent
B) 4.0 percent
C) 3.85 percent
D) 10.1 percent
B
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Which of the following statements regarding cartels is not correct?
A) Cartels are sometimes difficult to maintain because a member can cheat by raising its price above the agreed price. B) Cartels restrict industry output in order to raise price. C) Cartels are inherently stable, because oligopolistic firms rarely change price. D) are easier to establish and maintain when the cost functions of the individual members are more similar to one another.
An example of a zero-sum game is
A) exchange. B) a consumer purchasing a used car from a used car dealer. C) the prisoners' dilemma. D) poker.
The production function shows the volume of output that can be produced from given inputs
a. True b. False Indicate whether the statement is true or false
International data on the history of real GDP growth rates shows that over the last 120 years or so, rich countries got richer and poor countries got poorer
a. True b. False Indicate whether the statement is true or false