Fill in the blanks: ________ is defined as a sustained ________ in the purchasing power of money
A) Inflation; fall
B) Deflation; fall
C) Inflation; rise
D) Answers B and C above are both true.
A
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In Adam Smith's competitive market economy, the question of what goods to produce is determined by:
a. the "invisible hand" of the price system. b. businesses. c. unions. d. the government, through laws and regulations.
A "satisficer" is a person whose decision making is the same as that predicted by mainstream economic models
a. True b. False Indicate whether the statement is true or false
Kaleo’s government is working to protect forest lands and thereby preserve the health of its nation’s watersheds. What is Kaleo’s government investing in?
a. physical capital b. technology c. natural resources d. human capital
The graphic that expresses several aspects or implications of the economic concept of scarcity is
A) Supply and Demand B) Production Possibility Frontier C) Aggregate Demand D) General Equilibrium Model