Since last year, the price of gold has risen from $1100 to $1420. What annual inflation rate would leave the real price of gold unchanged over the last twelve months?
A) Approximately 29%
B) 40%
C) Approximately 71%
D) 320%
E) none of the above
A
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?Each economic model can be applied to many different real-world problems.
Answer the following statement true (T) or false (F)
How does the imposition of an excise tax on a good affect its market equilibrium?
A) Equilibrium quantity decreases, and equilibrium price decreases. B) Equilibrium quantity decreases, and equilibrium price increases. C) Equilibrium quantity increases, and equilibrium price decreases. D) Equilibrium quantity increases, and equilibrium price increases
In a certain large city there are two firms that supply concrete. The concrete sold by the first firm is indistinguishable from the concrete sold by the second firm. Is the market competitive?
If Anh's elasticity of labor supply is 1.5 and she increases her supply of labor by 5 percent, then the wage rate must have
A. Increased by 3.3 percent. B. Increased by 3.0 percent. C. Decreased by 7.5 percent. D. Increased by 7.5 percent.