If the CPI in the United States was 150 in 2003 and 160 in 2004, the inflation rate over the year is _____
a. 10 percent
b. 20 percent
c. 7 percent
d. 30 percent
e. 50 percent
c
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Unit elastic demand means that the
A) ratio of a change in the quantity demanded to a change in the price equals 1. B) ratio of a percentage change in the quantity demanded to a percentage change in the price equals 1. C) demand curve is vertical. D) demand curve is horizontal.
If a Pigovian tax is too large, the resulting:
A. quantity will be too high. B. outcome will not maximize surplus. C. outcome will still be efficient. D. All of these statements are true.
The Dow Jones Industrial Average is an arithmetic average of ________ blue-chip industrial stocks.
A. 500 B. 75 C. 30 D. 50
A tariff is a tax imposed by a government on
A) exports. B) services. C) imports. D) luxury items.