The price index was 136 in one year and 142 in the next year. What was the inflation rate between the two years?
a. 1.04 percent
b. 4.41 percent
c. 6.00 percent
d. 42.00 percent
b
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An increase in the price of fish will shift the demand curve for chicken to the right (assuming fish and chicken are substitutes)
Indicate whether the statement is true or false
On May 12, 2011, it cost U.S. $1.64 to buy one British pound. How many British pounds would U.S. $1 buy?
a. 0.56 b. 0.61 c. 1.64 d. 2.64
A construction boom occurs and many of the new buildings need plywood for their framing. Which of the figures above best illustrates this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C
A U.S. tariff imposed on items that can be produced more cheaply abroad
A) benefits Americans by making these goods cheaper. B) makes the goods more expensive in foreign markets. C) creates a deadweight loss. D) makes the world market more efficient.