The highest annual inflation rate experienced in the United States during the past 50 years has been around
a. 3 percent
b. 9 percent
c. 14 percent
d. 27 percent
e. 1,000 percent
C
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A tariff is a tax imposed by a government on its own exports
Indicate whether the statement is true or false
If a firm cannot cover its variable costs, it will
A. operate in the short run and stay in business in the long run. B. operate in the short run and go out of business in the long run. C. shut down in the short run and stay in business in the long run. D. shut down in the short run and go out of business in the long run.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Related to the Economics in Practice on p. 455: The Consumer Price Index in the United States was 207.3 in 2007, 215.3 in 2008 and 214.5 in 2009. If a retiree's pension is tied to the CPI, her monthly pension check would have ________ from 2007 to 2008, and ________ from 2008 to 2009.
A. increased; decreased B. decreased; increased C. decreased; decreased D. increased; increased