Suppose that the price level was 100 in 2011, 110 in 2012, and 130 in 2013. Over these three years
A) deflation occurred at an accelerating rate.
B) the inflation rate was positive but slowing.
C) prices were stable.
D) the inflation rate was positive and accelerating.
D
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Neoclassical growth theory proposes that
A) technological progress increases the population growth rate and drives down real wages. B) real GDP per person grows because technological change increases profit opportunities. C) real GDP growth is caused by growth in the population. D) discoveries result from choices that increase profits.
A monopolist will always end up choosing to operate
a. even if its profits are negative. b. on the elastic portion of its demand curve. c. until such time as a new competitor enters its market. d. only if it can capture the entire consumer surplus.