Two years ago, the GDP deflator for Old York was 300, and today it is 330.75. Based on this information the annual average inflation rate for the two years was
A. 10.25%.
B. 5.125%.
C. 10%.
D. 5%.
Answer: D
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Higher indifference curves represent lesser satisfaction
a. True b. False Indicate whether the statement is true or false
Which of the following goods would be most likely to be produced by a monopoly?
a. Lotso-Sugar brand cereal b. Pepsi c. margarine d. electricity e. Ford automobiles
Suppose country X currently produces widgets. Then it establishes a preferential trading agreement with country Y. Following the formation of the PTA, country X no longer produces widgets and imports widgets from country Y. What has occurred?
a. There is trade diversion and a welfare gain for both country X and country Y. b. There is trade diversion, a welfare gain for country Y, and a welfare loss for country X. c. There is trade creation and a welfare gain for both country X and country Y. d. There is trade creation, a welfare gain for country Y, and a welfare loss for country X.
The figure above shows that the lowest wage rate for which someone is willing to work is
A) $3 an hour. B) $5 an hour. C) $6 an hour. D) $7 an hour. E) $4 an hour.