Economists use the term inflation to describe a situation in which
a. some prices are rising faster than others.
b. the economy's overall price level is rising.
c. the economy's overall price level is high, but not necessarily rising.
d. the economy's overall output of goods and services is rising faster than the economy's overall price level.
b
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If two or more markets are closely related,
A) a partial equilibrium analysis will tend to overstate the price impact of a supply shock. B) a partial equilibrium analysis will tend to accurately predict the price impact of a supply shock. C) a partial equilibrium analysis will tend to understate the price impact of a supply shock. D) they should be analyzed concurrently but using partial equilibrium analysis alone.
Those who believe that overall economic growth is more important than the distribution of income would say that:
A. if everyone is getting richer, the relative speed of these gains isn't as important. B. it is fundamentally unjust for some people to have so much when others have so little. C. if the society is not getting richer, then things can never become more equal. D. All of these are true.
Farmers who work for themselves with their own equipment on their own land could earn accounting profits and economic losses at the same time
a. True b. False Indicate whether the statement is true or false
A falling dollar makes U.S. goods
A) more expensive abroad and increases the volume of U.S. exports. B) less expensive abroad and increases the volume of U.S. exports. C) less expensive abroad and decreases the volume of U.S. exports. D) more expensive abroad and decreases the volume of U.S. exports.