Deflation is a situation in which the:
A. quantity of goods and services produced is decreasing over time.
B. prices of most goods and services are rising over time.
C. quantity of goods and services produced is increasing over time.
D. prices of most goods and services are falling over time.
Answer: D
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Refer to the scenario above. Which country has the highest income per capita?
A) Neoland B) Eduland C) Techland D) Ritzland
What does a production point beyond the production possibilities frontier represent?
What will be an ideal response?
The short-run tradeoff between the unemployment rate and the inflation rate shown by the Phillips curve is represented in the AS-AD model by
A) rightward shifts of the aggregate supply curve. B) the downward-sloping aggregate demand curve. C) the upward-sloping aggregate supply curve. D) the vertical potential GDP line. E) leftward shifts of the aggregate supply curve.
Legally established titles to the ownership, use, and disposal of factors of production are referred to as
A) property rights. B) Coase rights. C) pollution rights. D) emission rights. E) price-setting rights.