The percent increase in the CPI from one year to the next is a measure of the
A) real interest rate. B) inflation rate.
C) GDP deflator. D) unemployment rate.
B
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Scarcity can be eliminated through
A) the use of market mechanisms. B) exploration that helps us find new resources. C) wise use of our resources. D) None of the above because scarcity cannot be eliminated.
Which of the following statements characterize an oligopoly market? a. Oligopoly firms are guaranteed profits due to the lack of competition
b. Firms are aware that their own economic behavior will influence the decisions of rivals. c. There are few barriers to entry. d. Firms choose price and output independently from the decisions made by competitors.
Which of the following represent the Federal Reserve's most important responsibilities?
a. Supervise and regulate banks. b. Issuing paper currency. c. Printing paper currency. d. Both (a) and (b) e. Deciding the maximum rate banks can charge for loans.
Net exports are positive when
A. a nation's exports of goods and services exceed its imports. B. a nation's imports of goods and services exceed its exports. C. a nation's exports of goods exceeds its imports. D. a nation's exports of services exceeds its imports.