If the CPI rose from 200 in 1992 to 260 in 1996, by what percentage did prices increase?
What will be an ideal response?
30 percent
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In the long run, an increase in the growth rate of the quantity of money ________ the inflation rate and ________ the nominal interest rate
A) raises; does not change B) lowers; raises C) raises; raises D) raises; lowers E) lowers; lowers
Which of the following is not true when a monopoly market is in equilibrium?
A) Consumer well being would be improved if less resources were allocated to the industry in which the monopoly operates. B) Price > MC. C) Price > MR. D) Price = Average Revenue.
If an exhaustible resource is scarce, has constant marginal cost over time, and is sold in a competitive market, then
A) its price increases over time. B) its price will not be a function of the interest rate. C) its price moves independently of past prices. D) its price equals marginal cost.
The windfall profits tax on oil will curtail oil production if
A. oil executives decide to be spiteful. B. the demand for oil is inelastic. C. the supply curve for oil is upward sloping. D. the supply curve for oil is vertical.