The Consumer Price Index was 115 one year and 120 the next year. The rate of inflation from one year to the next was approximately:

In the short-run macro model, equilibrium occurs when

a. all of the following conditions are satisfied b. the unintended change in inventories is zero c. total sales equals output d. the aggregate expenditure line intersects the 45-degree line e. GDP equals aggregate expenditure

Which of the following statements is true?

A. Economic profit is always positive. B. Economic profit is greater than or equal to accounting profit. C. Accounting profit is greater than or equal to economic profit. D. Accounting profit is always positive.