Hyperinflation might lead to a severe decline in total output if
What will be an ideal response?
everyone starts speculating and searching for ways to avoid inflation.
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Expenditures in GDP do not include
A) used goods or financial assets. B) financial assets or investment. C) used goods or investment. D) investment, stocks, or bonds. E) government expenditures on goods and services.
The above figure gives your budget line between CDs and magazines. Which combination of CDs and magazines are affordable?
A) combination a B) combinations a, b, c, and d C) combination c only D) combinations b, c, and d
What is the opportunity cost of 1 ton of oranges for the nations of Argentina and Brazil, respectively?
A. .25 ton of apples and .5 ton of apples B. 10 tons of apples and 4 tons of apples C. .5 ton of apples and .25 ton of apples D. 4 tons of apples and 2 tons of apples
When the marginal costs of firms in perfect competition increases, the short-run supply curve of the industry will shift to the left
a. True b. False Indicate whether the statement is true or false