If the price index in 2015 is 132 and the price index in 2016 is 114, the rate of inflation between 2015 and 2016 is
A. -13.6%.
B. -5.8%.
C. 6.4%.
D. 15.8%.
Answer: A
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When isolating the substitution effect of a change in an individual's budget constraint, _____ is held constant
a. utility b. budget c. income d. consumption
Currently about what percentage of the civilian labor force is unionized in the United States?
A) 6 percent B) 12 percent C) 30 percent D) 70 percent
A competitive firm is currently producing a quantity of output at which marginal revenue exceeds marginal cost. In order to increase its profit, the firm should
a. increase the price of the good that it produces and sells. b. increase its quantity of output. c. decrease its total cost. d. decrease its average total cost.
If market price is equal to equilibrium price
A. there is a surplus. B. there is a shortage. C. there is neither a surplus nor a shortage.