In the above table, the inflation rate between 2014 and 2015 is approximately
A) 10 percent.
B) 11 percent.
C) 121 percent.
D) None of the above answers is correct.
A
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If 1 bottle of wine costs 4 loaves of bread in England, then 1 loaf of bread must cost 1/4 bottle of wine. For England to specialize in bread production, England must be a more efficient bread producer than Portugal, which means that England's cost of producing bread must be less than Portugal's cost. Thus if producing 1 loaf of bread in Portugal costs more than 1/4 bottle of wine (or, equivalently, if producing 1 bottle of wine in Portugal costs less than 4 loaves of bread), then England will specialize in bread production and Portugal will specialize in wine production.
What will be an ideal response?
A foreign exchange intervention that alters the domestic monetary base is:
A. impossible. B. not likely to change domestic interest rates. C. sterilized. D. unsterilized.
Which of the following is characteristic of business cycles?
a) consumption displays greater volatility than GDP b) investment remains relatively stable throughout the business cycle c) the inflation rate is a leading indicator of recessions and expansions in GDP d) the unemployment rate is a leading indicator of recessions and expansions in GDP e) the growth rate of wages fluctuates less than the growth rate of GDP
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Using the midpoint formula, if the price of a gardenburger increases from $7 to $9, the price elasticity of demand equals ________ and the increase results in a(n) ________ in total revenue.
A. -0.5; decrease B. -8; decrease C. -0.375; increase D. -2.67; decrease