The inflation rate is the
A) Percentage change in the composition of the CPI market basket from the base year to the next year.
B) Percentage change in the CPI from one year to the next year.
C) Difference between the current period CPI and the base period CPI.
D) Difference between the base period CPI and the current period CPI.
Answer: B) Percentage change in the CPI from one year to the next year.
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Using the information in the table above, calculate the employment-to-population ratio
A) 75 percent B) 65 percent C) 50 percent D) 23.2 percent
One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.
When society gets the most it can from its scarce resources, then the outcome is called
a. equitable. b. efficient. c. normal. d. efficacious.
Law of comparative advantage
What will be an ideal response?