Inflation is the:
a. the value of goods and services produced in an economy in a given period of time.
b. is the value of goods and services imported by an economy in a given period of time.
c. general and ongoing rise in the price level of an economy
d. general and ongoing fall in the price level of an economy.
c
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Real GDP refers to ________.
A. GDP data that does not reflect changes in both physical output and the price level B. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income C. GDP data that embodies changes in the price level but not changes in physical output D. GDP data that has been adjusted for changes in the price level
Office Paper is an office supply firm. If the managers of Office Paper sell 10,000 boxes of staples a year and each order contains 1,000 boxes of staples, how many orders will the managers submit a year?
A) 10,000 B) 1,000 C) 100 D) 10
The responsibility of paying for the Social Security benefits for currently retired individuals falls on
A) current and future workers. B) the retired people themselves. C) no one, since the government prints the money. D) only working people over 50 years of age.
The price of gold is often volatile because:
A. Demand is relatively inelastic so changes in supply have a large effect on price B. Supply is relatively elastic so changes in demand have a large effect on price C. Demand is relatively elastic so changes in supply have a large effect on price D. Supply is relatively inelastic so changes in demand have a large effect on price