The consumer price index increases from 200 to 208 . What is the inflation rate?

Suppose an economy has some inflation. Then, after a base year, the value of real GDP will

A) be less than nominal GDP. B) not be different from nominal GDP. C) be greater than nominal GDP. D) will be approximately half the value of nominal GDP.

The term "industry concentration":

A) refers to the degree of product differentiation in an industry. B) is a measure of how many firms produce the total output of an industry. C) refers to how capital or labor intensive a particular industry is. D) is a measure of how many customers purchase the total output of an industry.