If the CPI was 140 at the end of 2007 and 150 at the end of 2008, what was the inflation rate in 2008?
A) 10 percent
B) 6.67 percent
C) 6.25 percent
D) 7.14 percent
E) 8 percent
D) 7.14 percent
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An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus.
Answer the following statement true (T) or false (F)
If the Fed lowers the reserve requirement, then this
A) decreases excess reserves, causes banks to reduce their loans, and decreases the money supply. B) increases excess reserves, encourages banks to make more loans, and increases the money supply. C) decreases excess reserves, causes banks to reduce their loans, and increases the money supply. D) increases excess reserves, causes banks to reduce their loans, and increases the money supply.
In order to be effective, a price floor
A) must be set below equilibrium price. B) must be set above equilibrium price. C) must be set at equilibrium price. D) must be a zero price.
Characteristics shared by monopolistically competitive markets and monopoly markets include: a. strategic interactions among sellers
b. many sellers. c. firms facing a downward-sloping demand curve. d. insignificant barriers to entry.