Over the last 80 years, the average annual U.S. inflation rate was about
a. 3.6 percent, implying that prices have increased 16-fold.
b. 4 percent, implying that prices have increased 17-fold.
c. 4 percent, implying that prices have increased 16-fold.
d. 3.6 percent, implying that prices increased about 17-fold.
d
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A fall in the price of cabbage from $10.50 to $9.50 per bushel increases the quantity demanded from 18,800 to 21,200 bushels. The price elasticity of demand is
A) 0.80. B) 1.20. C) 1.25. D) 8.00.
At the point where the demand and supply curves for a product intersect:
A. the selling price and the buying price need not be equal. B. the market may, or may not, be in equilibrium. C. the quantity that consumers want to purchase and the amount producers choose to sell are the same. D. either a shortage or a surplus of the product might exist, depending on the degree of competition.
Information problems create inefficient outcomes in:
A. the private sector but not the public sector. B. the public sector but not the private sector. C. neither the private nor the public sector. D. both the private and the public sectors.
You own $10,000 in personal property, $3,000 in Corporation A stocks, $1,000 in U.S. Savings Bonds and have $500 in your checking account. If Corporation A goes bankrupt, the most you could lose is
A) $13,500. B) $11,500. C) $3,000. D) $500.