If the price index had moved from 110 in 2006 to 115 in 2007, the rate of inflation in 2007 was _____
a. 15 percent
b. 11 percent
c. 5.5 percent
d. 4.55 percent
d
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When interpreting the Ed value as either elastic or inelastic, we look at the
A. percent change in price. B. Ed coefficient with its negative sign. C. absolute value of the Ed coefficient (dropping the negative sign). D. percent change in quantity.
Refer to the above figures. A tariff is placed on a foreign good. Which figure represents the situation in the domestic market for the foreign good?
A) Panel A B) Panel B C) Panel C D) Panel D
An increase in the number of students graduating with a major in psychology would result in
a. a decrease in the supply of psychologists that would increase the wage of psychologists and decrease the number employed. b. an increase in the supply of psychologists that would decrease the wage of psychologists and increase the number employed. c. a decrease in the demand for psychologists that would decrease the wage of psychologists and decrease the number employed. d. an increase in the demand for psychologists that would increase the wage of psychologists and increase the number employed.
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool.
A. down and to the right B. down and to the left C. up and to the right D. up and to the left