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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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.
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?