If the CPI in 2015 was 104.5 and the CPI in 2016 was 110.5, then the rate of inflation between 2015 and 2016 was
A. 5.4%.
B. 5.7%.
C. 6.5%.
D. 7.0%.
Answer: B
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If two firms form a successful cartel, then the output that the two produce in total will
A. be equal to the output in perfect competition. B. be equal to the output of a monopoly market. C. be greater than the output without the cartel. D. be the same as if the market had many firms.
Menu costs are the:
a. cost of changing interest rates. b. cost of converting currencies. c. cost of changing prices. d. cost of changing exchange rates.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the federal minimum wage increase between 1974 to 2015?
A. 72.41 percent B. 262.5 percent C. 362.5 percent D. 525.0 percent
The equation (MPL/PL) = (MPK/PK) represents
A. cost minimization. B. profit maximization. C. the short-run production function. D. diminishing marginal returns.