An extremely high rate of inflation is called ________.
A. disinflation
B. super inflation
C. hyperinflation
D. deflation
Answer: C
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What important lesson did American economists learn in the 1980s and again in 2001–2003?
A. Large tax cuts can lead to a balance of trade surplus. B. Large government budget deficits can crowd out consumption. C. Large government budget deficits can bankrupt the nation. D. Large government budget deficits can crowd out net exports.
In the short run, some costs are fixed
a. True b. False Indicate whether the statement is true or false
Which of the following explains the Phillips curve trade-off?
a. workers' focus on job security as the economy expands rapidly b. firms weaken their resistance to wage pressure during periods of rapid economic growth c. firms' ability to pass along higher wage rates in the form of higher prices during recessions d. an unusual increase in resource supply e. workers' insistence on wage increases during recessions to compensate for unemployment
In 1790 the average farmer fed ____ people; today the average farmer feeds _____ people.
Fill in the blank(s) with the appropriate word(s).