If the CPI is currently 202, what does this tell you about inflation between last year and this year?
A) There was deflation in the economy between this year and last year.
B) Inflation in the economy between this year and last year was 2%.
C) Inflation in the economy between this year and last year was 102%.
D) The CPI measures only the level of prices in a given year, not the percentage change in prices from one year to the next.
Answer: D
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
The demand curve for tickets to the George Winston concert (with special guest star, Kenny G) is given as follows: Q = 200 - 0.1P At a price of $30, what is the consumer surplus from concert tickets?
A) $0 B) $20 C) $2,000 D) $1,970 E) $194,045
Arguably the simplest voting system is:
A. instant runoff voting. B. pair-wise majority voting. C. first-past-the-post voting. D. approval voting.
Most less-developed countries have sufficient infrastructure in place to become a developed country
a. True b. False Indicate whether the statement is true or false