The typical result of an adverse supply shock is
a. falling output accompanied by accelerating inflation.
b. falling output accompanied by decelerating inflation.
c. rising output accompanied by accelerating inflation.
d. rising output accompanied by decelerating inflation.
a
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Something will be rare but not scarce if very little of it exists and
A) its price is high enough that only a few wish to purchase it. B) its price is high enough that no one can afford it. C) no one wants any. D) the quantity supplied is greater than the quantity demanded.
Oligopolistic firms are the only ones that do not consider their rivals' actions when making decisions about output and price
a. True b. False
If you were the Chairman of the Fed and faced inflation, you would most likely
a. increase commercial bank reserves by raising the discount rate b. increase commercial bank reserves by buying government securities c. decrease commercial bank reserves by lowering the discount rate d. decrease commercial bank reserves by selling government securities e. decrease commercial bank reserves by lowering the legal reserve requirement
A game in which the players neither negotiate nor coordinate in any way is a
A) cooperative game. B) noncooperative game. C) zero-sum game. D) negative-sum game.