YearCPI200594200699200710020081042009117Using the information in the table shown, what can be said about the rate of inflation?
A. Deflation occurred until 2009, then inflation occurred.
B. Inflation was the largest from 2005 to 2006.
C. Deflation occurred before 2007, then inflation occurred.
D. Inflation occurred every year from 2005 to 2009.
Answer: D
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If a firm in a perfectly competitive industry maximizes profit by producing 100 units and the marginal cost of the 100th unit is $23, the price is
a. more than $23 since it's earning an economic profit b. $0.23 c. $2,300 d. $23 e. not able to be calculated from the data given
One explanation that economists give for the persistence of poverty in LDCs falls under the category of nonscientific perceptions. An example of this is people in LDCs who
a. are unwilling to devote their energies to intellectual pursuits b. don't share the values associated with the means to acquire or the acquisition of the materialist world commonly identified with Westerners c. are not rational, utility-maximizing, economic agents d. value their children e. because of climate, require a lower calorie diet to survive
With positive externality, _____
a. underproduction causes deadweight loss b. overconsumption causes deadweight loss c. net social welfare is maximized d. the true cost of a transaction is borne by the participants
If the Fed _____________________, the money supply will ultimately __________
A) raises the discount rate relative to the federal funds rate; decrease B) lowers the discount rate relative to the federal funds rate; increase C) lowers the discount rate relative to the federal funds rate; decrease D) raises the discount rate relative to the federal funds rate; increase E) a and b