Suppose Over the Last Year That the Price of Iron

question 259

Multiple Choice

Suppose over the last year that the price of iron ore increased from $1,200 a ton to $1,300 a ton. Over the same time a measure of the overall price level increased from 168 to 187. The price of iron ore 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:

Interview

A structured conversation where questions are asked to elicit information from the interviewee, often used for research, employment, or informational purposes.

Interpretation

The act of explaining the meaning of something, often translating from one language to another or elucidating complex or obscure details.

Reflective Responding

A communication technique where the listener repeats back what the speaker has said, using their own words, to ensure understanding and empathy.

Summarization

The act of condensing information or narrative to its key points or essence.