If we knew that the price of goods rose, on average, by 5 percent last year and by 4 percent this year, we would know
a. nothing about the rate of inflation
b. that the inflation rate is rising
c. that the inflation rate is falling
d. that we are in a stagflation
e. that we are in a recession
C
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By continuing to operate when price is greater than average variable cost but less than average total cost, a firm limits its losses to:
A) $0. B) its total fixed costs. C) the difference between its total fixed cost and the amount by which total revenue exceeds total variable costs. D) its total variable costs.
Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States. B) will lead to lower incomes in the economy of U.S. trade partners. C) will lead to a decline in the quantity of the product consumed in the United States. D) all of the above are likely to occur