Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:
a. pseudo-inflation.
b. demand-pull inflation.
c. cost-push inflation.
d. hyperinflation.
c
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If the purchase of used goods was to be incorporated into measuring GDP using the expenditure approach, then
A) consumption spending would need to be adjusted for depreciation. B) it will be very difficult to assign a fair market value to a used good. C) we will have to account for the natural depreciation that a used good experiences. D) we also will have to account for spending on financial assets. E) we will be counting the value of the used goods both at the time of their production and at the time of their re-sale.
The new endogenous growth theory concludes that sustained economic growth in a country comes from the interaction of labor, investments in physical and human capital, and what is perhaps the key ingredient:
A) natural resources. B) the production of ideas. C) post-secondary education within that country. D) immigration into that country.
Henry Bessemer is most recognized for
a. the invention of air brakes for trains. b. his role as an early union leader. c. invention of a steel manufacturing process. d. the development of refrigerated train cars.
Which of the following groups has had declining labor force participation over the last 30 years?
a. Women b. Men c. Teenagers d. Americans