Using the information in the table shown, what can be said about the rate of inflation?
A. Deflation occurred before 2007, then inflation occurred.
B. Deflation occurred until 2009, then inflation occurred.
C. Inflation occurred every year from 2005 to 2009.
D. Inflation was the largest from 2005 to 2006.
C. Inflation occurred every year from 2005 to 2009.
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Jose and Julia were discussing the necessary components to achieve economic growth. Jose stated that the economy must include free markets, specialization and trade, and an ethical judicial system. Julia reminded Jose that another key component is
A) property rights. B) freedom of speech. C) a guaranteed high rate of return on savings. D) freedom of religion. E) democracy.
If the economy has a natural unemployment rate of 4 percent and potential GDP of $5 trillion, what will be real GDP according to Okun's Law if the unemployment rate rises to 5 percent?
What will be an ideal response?
On an annual basis, Americans spend about as much on health care as they do on
A) food. B) clothing. C) transportation. D) housing.
Since most people would be willing to pay far more for a cup of diamonds than for a cup of water,
A) diamonds provide more satisfaction to most people than water provides. B) most people are irrational when it comes to prestige or status goods. C) most people wrongly think they value diamonds more highly than water. D) people's choices and preferences are often inconsistent. E) very few people are ever in danger of dying of thirst.