Suppose Over the Last Year That the Price of Copper

question 185

Multiple Choice

Suppose over the last year that the price of copper increased from ore increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309. The price of copper increased by

• A)less than inflation, and this means it became relatively less scarce.
• B)less than inflation, and this means it became scarcer.
• C)more than inflation, and this means it became scarcer.
• D)more than inflation, but this doesn't necessarily mean that it become scarcer.

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Definitions:

Bryophytes

A group of non-vascular plants including mosses, liverworts, and hornworts, characterized by their life cycle alternating between gametophyte and sporophyte generations.

True Wood

The hard, fibrous tissue found in the stems and roots of trees and other woody plants, made up primarily of cellulose, lignin, and hemicellulose.

Vascular Tissue

The plant tissue responsible for the transport of water and nutrients; it includes the xylem and phloem.

Seed Plants

Plants that reproduce and disseminate through seeds, as opposed to spores, including angiosperms and gymnosperms.