The GDP price index one year was 200, and the next year it was 215. What was the percentage change in the price level (inflation) from one year based on that index?
a. 7.5%
b. 10%
c. 15%
d. 2%
a. 7.5%
You might also like to view...
The demand for labor increases when the:
A. real wage increases. B. value of the marginal product of labor decreases. C. real wage decreases. D. value of the marginal product of labor increases.
Table 17.1Refer to Table 17.1. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50. B. $60. C. $500. D. $600.
The International Monetary Fund was created to achieve each of the following goals EXCEPT
A. lend funds to countries with international payment problems. B. monitor and offer advice on the exchange rate policies of member nations. C. encourage free convertibility of the currencies of member nations. D. finance large government infrastructure projects.
The Romer and Romer 2010 paper in the American Economic Review identified the major motivations for most significant legislated tax changes to be the following, except:
A. Adjustments made to match changes in government spending B. Offsetting the monetary policy pursued by the Federal Reserve C. Addressing an inherited budget deficit D. Promoting long-run economic growth