During periods of inflation, the general price level of goods and services in the economy rises
a. True
b. False
Indicate whether the statement is true or false
True
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The four parts of the business cycle occur in the following order
A) recession, trough, peak, expansion. B) expansion, trough, peak, recession. C) recession, trough, expansion, peak. D) expansion, trough, recession, peak.
Higher inflation results in
a. more frequent price changes and increased variability of relative prices. b. more frequent price changes and decreased variability of relative prices. c. less frequent price changes and increased variability of relative prices. d. less frequent price changes and decreased variability of relative prices.
Movie theaters often offer reduced rates for children under 10. This suggests that demand for adult admission is ________ than demand for children's admission.
A. more elastic B. less elastic C. more variable D. lower
Which of the following is a public good created by the market?
a. Broadcast radio b. Tornado sirens c. Street lights d. Cable television