Suppose the world price of oil rises by 25% over a 12-month period; over the same period the average price level in Canada rises by 1.6%.What is the change in the price of oil relative to the change in the average price level?
A) an increase of 23.4%
B) a decrease of 23.4 %
C) an increase of 26.6%
D) a decrease of 26.6%
E) an increase of 25%
Correct Answer:
Verified
Q124: Suppose we observe that movie theatre prices
Q151: Suppose that the demand and supply curves
Q153: The price of one good divided by
Q154: Consider the global market for some mineral,X.In
Q155: Consider the global market for some mineral,X.In
Q156: Consider the global market for barley,an agricultural
Q159: Consider the global market for barley,an agricultural
Q160: Consider the global market for some mineral,X.In
Q161: Suppose an index of average prices of
Q166: Suppose the demand and supply curves in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents