Suppose over the last year that the price of iron ore increased from $1,200 a ton to $1,275 a ton. Over the same time a measure of the overall price level increased from 150 to 156 . The price of iron ore increased by
a. less than inflation, so it became less scarce.
b. less than inflation, so it became more scarce.
c. more than inflation, so it became more scarce.
d. more than inflation, so it became less scarce.
c
Economics
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A person who mistakenly assumes that because one event follows another, the second event results from the first commits the fallacy of:
A) division. B) addition. C) composition. D) false cause.
Economics
The yardstick most often used to compare living standards is:
a. aggregate demand b. Gross National Product c. output per capital d. international investment
Economics