Use the following table to answer the next question. The base year is 2007. YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Compared to the base year, the rate of inflation for the year 2007 is
A. 7.1%.
B. 12.6%.
C. 0%.
D. 10.5%.
Answer: C
You might also like to view...
When Argentines increase their savings in U.S. dollars, the U.S. money:
A. demand curve shifts left. B. supply curve shifts left. C. supply curve shifts right. D. demand curve shifts right.
The multiplier shows that as __________ changes, real GDP changes by a __________ amount
a) induced expenditure; larger b) induced expenditure; smaller c) autonomous expenditure; larger d) autonomous expenditure; smaller
To the extent that oligopolies differentiate their products,
A. there is overproduction from society's point of view. B. they are also likely to price at marginal cost. C. there is the promise of new and exciting products. D. they force themselves into deadlocks that waste resources.
Which of the following statements is true?
A) A natural monopoly always arises from government intervention in the market. B) An increase in consumer demand can change a natural monopoly into a multi-seller market. C) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces an upward sloping market demand curve. D) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces a horizontal market demand curve.