The inflation rate can be calculated as the percentage change in:
A. real GDP.
B. the exchange rate.
C. the CPI.
D. nominal GDP.
Answer: C
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Joe's Pizza Shop only makes pizza. If each pizza requires five people, each of whom specializes in one task, this method of production is an example of
A) economies of scope. B) team production. C) economies of monitoring. D) economies of coordination.
Refer to the above figure. At a price of four cents, a(n) ________ of bubble gum will exist in the market
A) surplus B) shortage C) excess quantity demanded D) equilibrium quantity
A loss in economic efficiency occurs when production of a good is above the equilibrium quantity
a. True b. False Indicate whether the statement is true or false
When a government intentionally lowers the value of its currency, that is called depreciation
a. True b. False Indicate whether the statement is true or false