Which of the following pairs of values of the consumer price index (CPI) is consistent with an inflation rate of 10 percent for 2014?
a. CPI in 2014 = 90; CPI in 2015 = 100
b. CPI in 2014 = 102; CPI in 2015 = 112
c. CPI in 2013 = 210; CPI in 2014 = 220
d. CPI in 2013 = 210; CPI in 2014 = 231
d
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A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic. E) unit elastic.
With a natural monopoly, a potentially insurmountable barrier to entry can be the
A. low profit margins. B. decreasing average total costs. C. high fixed costs. D. decreasing marginal costs.
The largest spender on research and development in the world (in total dollars or dollar equivalents) is
A. the United States. B. Japan. C. China. D. the United Kingdom.
Using the expenditure approach, gross domestic product equals:
A. gross national product. B. the sum of consumption, investment, government purchases. C. the sum of consumption, investment, government purchases, and net exports. D. gross national product minus net exports.