A country's CPI was 84.5 last year and 100.0 this year. The inflation rate was
A) 84.5 percent.
B) 18.3 percent.
C) 15.5 percent.
D) 7.29 percent.
E) -18 percent.
B
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You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the wage for teachers in that district is lower than the equilibrium wage. B. the demand for teachers in the inner-city school district is too low. C. there is an excess supply of teachers in other districts. D. the wage for teachers in that district is higher than the wage in other districts.
When a commercial bank borrows from the Fed,
A) the reserves of the bank fall. B) the bank can make more loans. C) it must be because the bank is not meeting its reserve requirements. D) the money supply falls.
The opportunity cost of an action is:
A. the monetary payment the action required. B. the total time spent by all parties in carrying out the action. C. the value of the best opportunity that must be sacrificed in order to take the action. D. the cost of all alternative actions that could have been taken, added together.
Long-term contracts become longer:
A. when spot markets work well. B. when the exchange environment is more complex. C. when marginal costs are declining. D. when specialized investment becomes more important.