The flour used in the pizza you bought for dinner last night is considered a final good
a. True
b. False
Indicate whether the statement is true or false
False
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If the demand curve is perfectly inelastic, _____
a. suppliers will bear the entire burden of any tax b. demanders will bear the entire burden of any tax c. suppliers and demanders will split the burden of any tax d. the actual burden of the tax depends upon who is legally required to pay the tax
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
A zero-sum economy would result from
A. moderate economic growth. B. excessive growth after adjusting for inflation rates. C. a lack of economic growth. D. nominal GDP growth.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease