A statement that is often used to describe demand-pull inflation is:
A. "Money is easily earned, but not easily saved."
B. "Too much money chasing too few goods."
C. "It's important to have some skin in the game."
D. "A rising tide lifts all boats."
Answer: B
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Economists use models in order to
A. get around having to deal with actual facts. B. understand real-life events and predict outcomes. C. avoid having to use theories to understand economic conditions. D. help elect political candidates.
If a union negotiated a wage above the market equilibrium wage, we would find
A) a surplus of laborers at the negotiated wage. B) a shortage of laborers at the negotiated wage. C) higher efficiency of labor at the negotiated wage. D) lower worker productivity at the negotiated wage.
In a simple closed economy, the income approach to calculating GDP is:
A. wages + interest + rental income + profits. B. wages + interest + government income + profits C. wages + government earned interest + rental income + profits D. wages + interest + rental income profits.
If the Fed buys more bonds from the public, then the money supply will:
A. Decrease and the aggregate demand curve will shift to the right. B. Increase and the aggregate demand curve will shift to the right. C. Increase and the aggregate demand curve will shift to the left. D. Decrease and the aggregate demand curve will shift to the left.