If the price level this year was 140 and was 135 last year, what was the inflation rate to the nearest decimal?
3.7%
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Holding everything else constant, the demand for a good tends to be more elastic
A) the more substitutes there are for the good. B) the less important the product is in consumers' budgets. C) the shorter the time period involved. D) the more consumers perceive the good to be a necessity.
A budget surplus can be used to cut taxes or pay off old debt.
Answer the following statement true (T) or false (F)
Which of the following will cause an increase in output per worker (Y/N)?
A) an increase in the capital stock (K) B) an increase in the saving rate C) an increase in K/N D) all of the above
Markets tend to overallocate resources to the production of a good when
A. there are public goods produced. B. equilibrium occurs. C. there are positive externalities. D. there are negative externalities.