The table above has information about the CPI, nominal wage rate, and nominal interest rate for the country of Syldavia for the years 2010 to 2012. The reference base year is 2010. The inflation rate in Syldavia from 2010 to 2011 was
A) 5.0 percent. B) -9.5 percent. C) 3.0 percent. D) 9.5 percent. E) -5.0 percent.
E
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Suppose a perfectly competitive firm is producing 37 units output, and the marginal cost of the 37th unit is $3. If the firm can sell each unit of output for $5 and the firm's revenue is sufficient to cover its variable cost, the firm should:
A. raise its price. B. decrease production. C. lower its price. D. increase production.
Define the short-run industry supply curve. Explain the two factors that can cause the short-run industry supply curve to shift to the right
What will be an ideal response?
Compensating differentials are
A) non-monetary benefits from being employed, such as health-care benefits. B) higher wages that compensate the more experienced workers in a field. C) wages paid to workers where the supply of labor is great relative to demand. D) higher wages that compensate workers for unpleasant aspects of a job.
A rightward shift of a market supply curve might be caused by:
a. the entry of new firms in the industry. b. an increase in the wages of labor employed in the industry. c. an increase in the price of the final product. d. a decrease in the income of consumers. e. an increase in the supply of a substitute good.