________ results when an economy experiences high unemployment and high inflation at the same time
a. Stagflation
b. Deflation
c. Reflation
d. Recession
a. Stagflation
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If you wanted to understand how an economy grew without looking at the impact of inflation, you should use ________ to compare different times within the economy
A) real GDP B) nominal GDP C) the CPI D) the GDP deflator
When the bandwagon effect exists, a change in price is likely to
A) change total revenue less than if there were no network externalities. B) change total revenue more than if there were no network externalities. C) change total revenue the same amount as if there were no network externalities. D) not change total revenue at all.
The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
a. 1, 2, 4, 8. b. 8, 4, 1, 2. c. 4, 8, 2, 1. d. 8, 4, 2, 1.
The most important factor in reversing the economic decline of 1929-1933 was that
A. the federal government finally balanced its budget. B. the stock market began to rise. C. people became more optimistic. D. the federal government began to spend a huge amount of money.