Refer to Table 20-5. Consider the following values of the consumer price index for 2015 and 2016. The inflation rate for 2016 was equal to
A) 215 percent. B) 21.5 percent. C) 8.0 percent. D) 3.9 percent.
D
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Gilda's Art Gallery rewards its employees with stock each year the gallery makes profits. This stock allows the employees to own part of the gallery. This practice is known as
A) the principle-agent problem. B) incentive pay. C) minimizing implicit costs. D) minimizing explicit costs.
If two identifiable markets differ with respect to their price elasticity of demand and resale is impossible, a firm with market power will
A) set a higher price in the market that is more price elastic. B) set a lower price in the market that is more price elastic. C) set price so as to equate the elasticity of demand across markets. D) set price equal to marginal cost in both markets.
The nation of Loneland does not allow international trade. In Loneland, you can buy 1 pound of beef for 2 pounds of cheese. In neighboring countries, you can buy 2 pounds of beef for 3 pounds of cheese. If Loneland were to allow free trade, it would export cheese
a. True b. False Indicate whether the statement is true or false
Under a constant growth rate of money rule of 5 percent in an economy in which Real GDP grows at an average rate of 5 percent and velocity is constant, the inflation rate is
A) 5 percent. B) -5 percent. C) 25 percent. D) -25 percent. E) constant at zero.