Between October 2014 and October 2015, the CPI in Canada rose from 120 to 124 and the CPI in Mexico rose from 210 to 229.1 . What were the inflation rates for Canada and Mexico over this one-year period?
a. 3.3 percent for Canada and 9.1 percent for Mexico
b. 3.3 percent for Canada and 8.3 percent for Mexico
c. 3.2 percent for Canada and 9.1 percent for Mexico
d. 3.2 percent for Canada and 8.3 percent for Mexico
a
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Unemployment is a
A) flow concept. B) both a flow and a stock concept. C) stock concept. D) neither a stock nor a flow concept.
An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer
What will be an ideal response?
If an economy has a velocity of circulation of 3, then
A) the quantity of money is 3 times real GDP. B) in a year the average dollar is exchanged 3 times to purchase goods and services in GDP. C) nominal GDP is 1/3 the size of the quantity of money. D) the quantity of money is $3 for every dollar of GDP.
Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil. What does this indicate about the long-run price elasticity of supply for oil?
A) The elasticity coefficient is unstable in the long run because oil supplies may be depleted. B) The elasticity coefficient approaches 0 in the long run as supplies are depleted. C) The elasticity coefficient is likely to be higher in the long run than in the short run. D) The elasticity coefficient is likely to be lower in the long run than in the short run.