The annual percentage rate of change in the price level is the:
A. cost of living.
B. inflation rate.
C. relative price.
D. Fisher effect.
Answer: B
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In the figure above, if the price is $8 a unit, is there a shortage or surplus and what is the amount of any shortage or surplus?
What will be an ideal response?
If the minimum wage is set above the equilibrium wage, after taking into account the resources lost in job search, the firms' surplus ________ and the workers' surplus ________
A) increases; increases B) increases; decreases. C) decreases; increases D) decreases; decreases E) does not change; decreases
Over a period of years, many European countries replaced their transaction taxes with a value added tax. Give two reasons why this was done
What will be an ideal response?
The demand curve any monopolist uses in making output decisions is:
a. the same as the demand curve facing a perfectly competitive firm. b. vertical, because there are no close substitutes for its product. c. horizontal, because there are no close substitutes for its product. d. the same as the market demand curve. e. perfectly inelastic.