The inflation rate is the
a. absolute change in real GDP from one period to another.
b. percentage change in real GDP from one period to another.
c. absolute change in the price level from one period to another.
d. percentage change in the price level from one period to another.
d
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Housing Starts peaked
A. before the recession of 2007-2009 began. B. in 1999. C. after the recession began in December 2007. D. right as the recession began in December 2007.
1 A decrease in demand with the supply held constant leads to:
a. a decreased equilibrium price and a decreased equilibrium quantity. b. an increased equilibrium price and an increased equilibrium quantity. c. a decreased equilibrium price and an increased equilibrium quantity. d. an increased equilibrium price and a decreased equilibrium quantity.
Total wages paid to labor are maximized when workers are hired up to the point where the
A. Marginal wage equals zero. B. Market wage equals the marginal factor cost. C. Demand for labor equals the marginal factor cost. D. Marginal wage is equal to the market wage.
A country can shift the production possibilities curve outward by ______.
a. discouraging entrepreneurial activity b. decreasing its population growth rate c. raising the standard of living d. improving and increasing its capital