If the CPI was 170 in 1998 and was 187 in 1999, what was the inflation rate in 1999?
The inflation rate was 10%.
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Suppose market demand is p = 10 - Q. Firms have a fixed entry cost of 5 and no marginal cost. If firm A is the incumbent, can it deter the entry of its rival, firm B?
What will be an ideal response?
Prior to the collapse of communism, communist countries worked on the premise that economic well-being could be best attained by
a. a market economy. b. a strong reliance on prices and individuals' self-interests. c. a system of large privately-owned firms. d. the actions of government central planners.
.The law of comparative advantage implies that a nation, individual, or region should trade for those economic goods for which it
What will be an ideal response?
The relatively small export-import sector in the United States began to grow significantly
A. after 1900. B. in the 1920s. C. in the 1950s. D. in the 1970s.