Stagflation is the typical result of adverse shifts in the aggregate supply curve.
Answer the following statement true (T) or false (F)
True
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___________ is the ability to recognize and use resources effectively
a. Efficiency b. Intuition c. Helpfulness d. Resourcefulness
Which of the following would be included in the GDP Price Index, but not the Consumer Price Index?
a. The price of a pair of shoes b. The price of coffee c. The price of a used car d. The price of a bar of soap e. The price of an aircraft carrier
What does the firm experience when workers are hired after the point at which supply and demand meet?
a. Marginal revenue product rises. b. Marginal productivity increases. c. Variable costs of labor are reduced. d. Additional workers are unprofitable.
If the inflation rate is 6% and the real interest rate is 4%, then the nominal interest rate is around
A. -2%. B. 10%. C. 2%. D. 6%.