If the CPI was 128 at the end of 2007 and 136 and the end of 2008, what was the inflation rate in 2008?
A) 8 percent
B) 5.9 percent
C) 9.4 percent
D) 4.2 percent
E) 6.25 percent
E) 6.25 percent
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A central cause of the rising debt-GDP ratio in the United States during the 1980s and 1990s was
A) the tax cuts of the early 1980s. B) continuous increases in the military portion of the federal budget. C) overly-generous indexation of Social Security benefits. D) deficit-reduction targets.
The long-run average cost (LRAC) curve is based on a group of:
a. short-run average cost (SRAC) curves. b. accounting profit levels. c. competitive firms. d. costs incurred when output is zero.
Explain the "tragedy of commons."
What will be an ideal response?
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.