GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. If the overall rate of inflation in the economy was 4.5%, which of the following statements is true?
A. The real price of all three goods decreased.
B. The real price of amusement park tickets fell, and the real price of bowling balls and camouflage neckties rose.
C. The real price of all three goods increased.
D. The real price of amusement park tickets rose, and the real price of bowling balls and camouflage neckties fell.
Answer: D
You might also like to view...
This president made the campaign promise: "Read my lips: no new taxes." ______________.
Fill in the blank(s) with the appropriate word(s).
When a worker quits a job to look for a better job
A) structural and cyclical unemployment increase. B) structural unemployment decreases. C) cyclical unemployment increases. D) frictional unemployment increases.
When someone in a country buys an asset abroad, the transaction is recorded
A) in the current account. B) in the official settlements balance. C) in the financial account as a capital inflow. D) in the financial account as a capital outflow.
A copyright for works created by corporations run for ________ years from first publication or ________ years from the creation, whichever is ________.
A) 70; 120; shorter B) 95; 70; longer C) 95; 120; longer D) 95; 120; shorter