Continued inflation occurs
A) if there is a sustained increase in the price level.
B) only if there is a sustained increase in the price of every good and service.
C) only if there is a sustained increase in the price of every good and service by the same dollar amount.
D) only if there is a sustained increase in the price of every good and service by the same percentage.
A
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If consumer preference for a product increases, this will cause the equilibrium price of the product to go down, and the equilibrium quantity of the product to go u
Indicate whether the statement is true or false
Which of the following would NOT reduce the natural rate of unemployment?
A) a tax cut B) an increase in government expenditures C) wage or price controls D) all of the above
The effect on the level of income of a given increase in the money stock is
a. irrelevant to the interest elasticity of money demand. b. greater the lower the interest elasticity of money demand. c. greater the higher the interest elasticity of money demand. d. None of the above
Which of the following is not correct?
a. Pairwise voting never produces transitive preferences. b. The order of pairwise voting can affect the result. c. Majority voting by itself does not tell us what outcome a society really wants. d. No voting system can satisfy all of the following properties: unanimity, transitivity, independence of irrelevant alternatives, and no dictators.