Suppose that the consumer price index at year-end 2008 was 140 and by year-end 2009 had risen to 150 . What was the inflation rate during 2009?

The total factor productivity of railroads increased dramatically in the antebellum period. All of the following factors are responsible for the increase in productivity except:

a. standardization of the gauge of railroad tracks. b. the introduction of refrigerated railroad cars. c. increased size of railroad cars. d. increased use of existing capital.

When an activity results in the imposition of external costs, markets will produce more than the socially optimal level of that activity

a. True b. False