Suppose Over the Last Year That the Price of Iron

question 129

Multiple Choice

Suppose over the last year that the price of iron ore increased from $1,200 a ton to $1,275 a ton.Over the same time a measure of the overall price level increased from 150 to 156.The price of iron ore increased by

• A)less than inflation,so it became less scarce.
• B)less than inflation,so it became more scarce.
• C)more than inflation,so it became more scarce.
• D)more than inflation,so it became less scarce.

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Definitions:

Humanism

In the Renaissance, an emphasis on education and on expanding knowledge (especially of classical antiquity), the exploration of individual potential and a desire to excel, and a commitment to civic responsibility and moral duty.

Palazzo Medici-Riccardi

A Renaissance palace in Florence, Italy, which served as the main residence of the Medici family, showcasing the wealth and power of this influential family.

Michelozzo

An Italian architect and sculptor of the Renaissance, known for his collaboration with Donatello and for designing the Palazzo Medici Riccardi in Florence.

Santa Croce

A historic Franciscan church in Florence, Italy, known for its art and as the burial place of famous Italians.