(Table: Consumer Price Index) Refer to the CPI values in the table for the years 2005 to 2010. In which year(s) did the country experience deflation?
What will be an ideal response?
2009 only
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When additions of input to a fixed quantity of another input lead to progressively smaller increases in output, we say we are facing
A) accelerating returns. B) decreasing production. C) negative returns. D) diminishing returns.
While developing countries have about ________ of the world's population, they produce less than ________ of the world's output.
A. 5/6; 1/4 B. 2/3; 1/3 C. 7/8; 1/8 D. 6/7; 1/2
Which of the following is the best example of a decreasing-cost industry?
A) the health care industry B) the personal computer industry C) the college-education industry D) the oil industry
A buyer’s response to a change in income is an example of a “change in demand.”
Answer the following statement true (T) or false (F)