Assume an economy experienced a positive rate of inflation between 2003 and 2004 and again between 2004 and 2005 . However, the inflation rate was higher between 2004 and 2005 than it was between 2003 and 2004 . Which of the following scenarios is consistent with this assumption?
a. The CPI was 100 in 2003, 110 in 2004, and 105 in 2005.
b. The CPI was 100 in 2003, 120 in 2004, and 135 in 2005.
c. The CPI was 100 in 2003, 105 in 2004, and 130 in 2005.
d. The CPI was 100 in 2003, 90 in 2004, and 88 in 2005.
c
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Refer to Scenario 11.1. Suppose Mariana purchases the needed land from Abe, Ben, Cat, and Don for the value she calculated the land to be worth, but Eva refuses to sell the land for the same price as the other 4 ranchers
What is the maximum amount Mariana would be willing to pay Eva for her land and still be willing to build the railway? A) $400,000 B) $1 million C) $1.4 million D) $3 million
Production possibilities frontiers can be used to illustrate scarcity, trade-offs, opportunity cost, efficiency, unemployment, technological advances, and economic growth
a. True b. False Indicate whether the statement is true or false
Exhibit 6-1 Total utility for good X Total utility (utils)0 80 120 148 160 155 Quantity consumed per day0 1 2 3 4 5 As shown in Exhibit 6-1, the marginal utility for the second unit consumed is:
A. 0. B. 40. C. 80. D. 200.
The long-run supply curve is upward sloping in a constant-cost industry.
Answer the following statement true (T) or false (F)