Suppose, compared to last year, the price of beer has increased 4%, the price of jeans has increased 7%, and the price of video rentals has decreased 1%
On the basis of this data, what can an economist conclude about the rate of inflation in the overall economy? A) Nothing.
B) The inflation rate is 4%.
C) The inflation rate is 7%.
D) The inflation rate is 10%.
E) The inflation rate is 11%.
A
Economics
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Refer to Figure 11-13. The lines shown in the diagram are isocost lines. If the price of labor is $50 per unit, then along the isocost AF, the total cost
A) is $500. B) is $750. C) is $1,250. D) cannot be determined without the price of capital.
Economics
If the firm's fixed costs double while variable costs are unchanged, then
a. marginal cost more than doubles. b. marginal cost doubles. c. marginal cost remains unchanged. d. average total cost remains unchanged. e. average variable cost doubles.
Economics