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In 2009, a market basket of goods and services cost $100 in Maryland; the same basket cost $200 in Berryland. In 2010, the cost in Maryland was $150 and in Berryland it was $225. Based on that information, which of the following statements is true?
a. Neither of the countries underwent inflation.
b. Berryland has more inflation than Maryland.
c. The countries had the same rate of inflation.
d. The rate of inflation is four times as large in Maryland as in Berryland.
In a short run, a firm’s total costs of producing the hundredth unit of output equals $10,000. If it produces one more unit, its total cost will increase to $10,150.
a. a nation with fixed quantities of resources is able to produce any of the following combinations of bread and ovens
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