A decrease in the overall price level (or falling prices) is called _____. An extraordinarily high rate of inflation is called _____
Fill in the blank(s) with correct word
deflation, hyperinflation
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For barter to occur there must be
A) two people willing to pay with credit. B) a double coincidence of wants for each good to be exchanged. C) one person who pays cash. D) hyperinflation.
The primary source of shocks to potential output and long-run supply for real business cycle theorists is ________
A) changes in the money supply B) a change in the price of complements C) a change in any of the components of aggregate demand D) shocks to productivity
The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls Per HourNumber of Telephones Per HourNumber of Workers Per Hour11221461616182211024112 Average variable cost is minimized when output is approximately:
A. 24 units. B. 16 units. C. 22 units. D. 6 units.
If a homeowner's insurance policy provides coverage for less than 80 percent of the full replacement cost of the dwelling, then the loss of the residence will be settled for
A) the market value of the property less the land value. B) the lowest repair bid. C) either the actual cash value or the prorated repair cost. D) the total replacement cost.