Cost-push inflation:
A. is caused by excessive total spending.
B. shifts the nation's production possibilities curve leftward.
C. moves the economy inward from its production possibilities curve.
D. is a mixed blessing because it has positive effects on real output and employment.
C. moves the economy inward from its production possibilities curve.
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Tariffs
a. benefit consumers by lowering prices b. harm producers by decreasing competition in the product market c. harm consumers by increasing the quantity of goods available d. skew the terms of trade in favor of importing nations e. benefit domestic producers because they can charge higher prices and sell more output
A monopolistically competitive firm's choice of output level is virtually identical to the choice made by
a. a perfectly competitive firm. b. a duopolist. c. a monopolist. d. an oligopolist.
A consumer's indifference curves are right angles when, for the consumer, the goods in question are __________
Fill in the blank(s) with correct word
If a country's population is 30 million and its GDP is $8.5 billion, its per capita output is:
A. $2,830. B. $850. C. $283. D. $8,500.