Refer to Exhibit 6-1. Prices rose by __________ percent from Year 1 to Year 2.
a. 1.38
b. 0.14
c. 1.29
d. 1.94
e. 3.00
Answer: a. 1.38
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In an oligopoly with differentiated products, firms ________
A) make positive economic profits B) incur losses C) earn zero economic profits D) do not face competition from its rivals
In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G
Indicate whether the statement is true or false
The government buys new weapons systems. The manufacturers of weapons pay their employees. The employees spend this money on goods and services. The firms from which the employees buy the goods and services pay their employees. This sequence of events illustrates
a. the accelerator effect. b. the multiplier effect. c. the chain effect. d. the bandwagon effect.
Which of the following observations concerning labor cost patterns over the last century is true?
A. Average real wages started rising after 1973. B. Hourly compensation rates have fallen dramatically. C. Compensation growth slowed markedly. D. Average hours worked per week have increased by almost 50 percent.