If the price index in a country for the years 2012 and 2014 were 100 and 112, respectively, the inflation rate in 2014 was _____

For any item (physical or financial) to be used as money, the item must be

a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable

In the AD/AS model, a point where the economy's long-run AS curve, short-run AS curve, and AD curve all intersect at a single point represents a point where:

a. real GDP is equal to its full-employment level. b. all of these choices. c. the conditions of short-run equilibrium are fulfilled. d. the conditions of long-run equilibrium are fulfilled.