Over the last 80 years, the average annual U.S. inflation rate was about
a. 3.6 percent, implying that prices have increased 16-fold.
b. 4 percent, implying that prices have increased 17-fold.
c. 4 percent, implying that prices have increased 16-fold.
d. 3.6 percent, implying that prices increased about 17-fold.
d
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If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well
a. True b. False Indicate whether the statement is true or false
If price (P) and quantity (Q) are directly related, this means that:
A. a change in Q will alter P, but a change in P will not alter Q. B. if P increases, Q will decrease. C. if P increases, Q will also increase. D. an increase in P will cause Q to change, but the direction in which Q changes cannot be predicted.