When the CPI increases from one year to the next:
A. inflation has occurred.
B. the impact to the general standard of living is hard to measure.
C. deflation has occurred.
D. there has not been a change in the overall price level.
Answer: A
Economics
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The price of a bag of pretzels rises from $2 to $3 and the quantity demanded decreases from 100 to 60. What is the price elasticity of demand?
A) 1.0 B) 1.25 C) 40.0 D) 20.0 E) 0.80
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Economic growth in Latin America between 1960 and 2011 is best summarized as
A) a remarkable success. B) an abject failure. C) a mixed record. D) a noteworthy attempt.
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