Inflation that is caused solely by an increase in aggregate demand is called
A. demand-push inflation.
B. cost-pull inflation.
C. cost-push inflation.
D. demand-pull inflation.
Answer: D
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The income approach measures GDP by summing
A) the wealth of households, business and government. B) the incomes paid households for the resources they own. C) the total production of all final goods and services produced in a year within a country's borders. D) C + I + G + NX. E) Both answers A and D are correct.
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to
A) Canadian manufacturers. B) manufacturers who export to Canada. C) the Canadian government. D) Canadian consumers.
If Monica has a comparative advantage in baking and George has a comparative advantage in sewing, then
a. Monica must have an absolute advantage in baking b. Monica must have an absolute advantage in sewing c. George must have an absolute advantage in baking d. George must have an absolute advantage in sewing e. we can conclude nothing about absolute advantage
Variable costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. one-time costs. D. None of these is true.