If we knew that the price of goods rose, on average, by 5 percent last year and by 4 percent this year, we would know
a. nothing about the rate of inflation
b. that the inflation rate is rising
c. that the inflation rate is falling
d. that we are in a stagflation
e. that we are in a recession
C
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According to psychologist __________, physiological needs must be met before higher-order needs are undertaken
a. Abraham Maslow b. Peter Drucker c. A. J. Boothe d. Sal Schilling
Karl Marx was a(n):
a. 19th century German philosopher. b. 18th century Russian economist. c. 14th century Polish banker. d. 19th century Russian journalist.
In the consumer-choice model, the economist examines how the consumer's purchases change when there is a change in prices or income. Which stage of economic analysis is this procedure a part of?
a. Formulation. b. Optimization. c. Equilibrium. d. Economic dynamics.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.