A statement that is often used to describe demand-pull inflation is ________.
A. "Too much money chasing too few goods."
B. "A rising tide lifts all boats."
C. "Money is easily earned, but not easily saved."
D. "There is no such thing as a free lunch."
Answer: A
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The opportunity cost of holding money is the
A) nominal interest rate on assets other than money. B) price of goods and services. C) level of wage and rental income. D) ease with which an asset can be converted into a means of payment.
Other things the same, as the price level falls,
a. the dollar depreciates. b. the interest rate rises. c. people feel less wealthy. d. All of the above are correct.
In economics, the function of theories, laws, and hypotheses is to:
A) prevent any misunderstanding of economic behavior. B) divide topics between microeconomics and macroeconomics. C) generate a complete and unchanging description of economic behavior. D) discover relationships between events that are important to economic behavior.
When examining the growth record of any nation
A. no consideration should be given to the change in the average amount of leisure time in the nation. B. we must consider which income groups have benefited most from the growth. C. all that must be examined is increases in per capital real GDP. D. increases in per capita real GDP must be considered along with how far the production possibilities curve has shifted.