List two costs of inflation
shoeleather costs, menu costs, greater variability of relative prices, unintended changes in tax liabilities, confusion and inconvenience, arbitrary redistribution of wealth
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Real GDP can be criticized as a measure of economic welfare because it
A) does not include the value of products produced in the household. B) does not take account of the degradation of environmental quality. C) does not include leisure time available to a society. D) All of the above answers are correct.
Goods that can be bought in any quantity desired are called
A) divisible goods. B) indivisible goods. C) invisible goods. D) inferior goods.
As the firm in the above diagram expands from plant size #1 to plant size #3, it experiences:
A. economies of scale. B. diseconomies of scale. C. constant costs. D. diminishing returns.
In a market for money, it is typically the case that we use the ________ in a supply and demand model.
A. interest rate B. inflation rate C. wage rate D. monetary index