A period in which the price level is rising is experiencing
a. inflation.
b. reflation.
c. deflation.
d. deconstruction.
a
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We measure the marginal ________ of a good by what a ________ for another unit of the good
A) benefit; person must pay B) cost; person is willing to pay C) benefit; person is willing to pay D) cost; person's preferences are
Expected value represents
A) the actual payment one expects to receive. B) the average of all payments one would receive if one undertook the risky event many times. C) the payment one receives if he or she makes the correct decision. D) the payment that is most likely to occur.
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect:
a. no change in his total revenues. b. everyone to begin buying his product. c. a complete loss of revenues. d. a new demand curve. e. a relative increase in income.
The central bank of a country usually: a. develops and implements fiscal policy
b. develops and implements monetary policy. c. issues debit and credit cards. d. gives loans to the public.