If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been
A) 14 percent.
B) 114 percent.
C) 12 percent
D) 100 percent.
A
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What are some of the issues that economists have to worry about when studying developing nations that are very different from those of advanced industrialized nations?
What will be an ideal response?
If a supply curve shifts rightward along a downward sloping demand curve
a. the quantity supplied will increase b. the quantity supplied will decrease c. it makes no sense to talk about a change in quantity supplied d. the quantity demanded will decrease e. the price will increase
If the quantity of higher education demanded rises by 5 percent when incomes rise by 10 percent,
a. higher education is a normal good b. higher education is an inferior good c. the demand for higher education is price elastic d. the law of demand applies to higher education e. the demand for higher education is price inelastic
A monopolist earns $1,000,000 economic profit in the short run producing 25,000 units of a good. The marginal revenue of the 25,000th unit is $23 and the marginal cost is $30 . What should the monopolist do?
a. raise price and produce less than 25,000 units b. lower price and produce less than 25,000 units c. raise price and produce more than 25,000 units d. lower price and produce more than 25,000 units e. produce more than 25,000 units at the same price