Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation.
B. low economic growth and high inflation.
C. high economic growth and low inflation.
D. low economic growth and low inflation.
Answer: B
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Based on the graphic showing the Lorenz Curve, what would have happened if income distribution had been more equal in 2017?
a. The line for perfect income equality would become curved.
b. The Lorenz curve for 2017 would become more curved.
c. The Lorenz curve for 2017 would become less curved.
d. The line for perfect income inequality would shift to the right.
When the economy is operating at the equilibrium level of? GDP, we know that
A) total planned real consumption expenditures equal real GDP.
B) planned real investment spending equals real net exports of zero.
C) total planned real expenditures equal real GDP.
D) real net exports equal inventory changes.
If the market for labor is perfectly competitive, the wage rate for labor equals:
A) the average cost of hiring labor. B) the value of the marginal product of labor. C) the marginal product of the last unit of labor employed. D) the price of the product that the firm produces using the labor services.
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814If output is at 3 units, then the market ________ allocative efficiency and ________ productive efficiency.
A. does not achieve, does not achieve B. does not achieve, achieves C. achieves, achieves D. achieves, does not achieve