The price index was 120 in 2012 and 126 in 2013 . What was the inflation rate?
a. 5.0 percent
b. 6.0 percent
c. 7.2 percent
d. 105 percent
a
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If the labor demand curve shifts to the right due to a government policy during a recession, and if wages are flexible, ________
A) real wages will increase B) real wages will decrease C) prices will fall D) unemployment will increase
The process by which new product or production methods are introduced is called the Industrial Revolution
a. True b. False Indicate whether the statement is true or false
Which of the following is an intermediate product?
A. A road B. Steel C. Bread D. A TV set
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.