The CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. The rate of inflation between 1974 and 1975 was ________ percent.
A. 5.0
B. 10.2
C. 5.4
D. 9.3
Answer: B
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The Federal Reserve System functions as America’s
A. tax collector. B. stock and bond market. C. savings bank. D. central bank.
Suppose two Cournot duopolist firms operate at zero marginal cost. The market demand is p = a - bQ. Firm 1's best-response function is
A) q1 = (a - bq2 )/2b. B) q1 = (a - 2bq2 )/2b. C) q1 = a/b. D) q1 = a/2b.
In Figure 3-7, suppose D1 and S1 indicate the initial conditions in the market for ice cream. Which of the following changes would tend to cause the shift from D1 to D2 in the market for ice cream?
a. a decrease in the price of sugar, an ingredient used to produce ice cream b. an increase in the price of frozen yogurt, a substitute for ice cream c. abnormally cold weather that decreased consumer desire for ice cream d. an increase in the price of milk, an ingredient used to produce ice cream
Output per person on a country level is another way to think about:
A. nominal GDP. B. real GDP per capita. C. GDP growth rates. D. productivity.