It is true that inflation is a
A) continuous increase in the money supply.
B) continuous fall in prices.
C) decline in interest rates.
D) continually rising price level.
D
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Models must
A) be able to yield useable predictions. B) be totally realistic in every detail. C) be a complete reproduction of the real world. D) include every relationship that exists.
If a price decrease results in no change in seller's total revenue then
a. supply determined demand b. supply is unresponsive to demand c. demand is elastic d. demand is inelastic e. demand is unitary elastic
Business firms supply goods and services to ________ and purchase factors of production in ________.
A. national markets; factor markets B. product markets; factor markets C. factor markets; national markets D. factor markets; product markets
Suppose OPEC oil cartel announces that it will increase production of oil. Using supply and demand analysis to predict the effect of increased production on equilibrium price and quantity, the first step is to show the:
A. demand curve shifting to the right. B. supply curve shifting to the right. C. demand curve shifting to the left. D. supply curve shifting to the left.