A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800Jorge should specialize in the production of which good?
A. corn B. green beans C. both D. neither
When interest rates rise,
A) borrowing costs decline, and total planned real expenditures decline. B) borrowing costs increase and total planned real expenditures increase. C) borrowing costs decline, and total planned real expenditures increase. D) borrowing costs increase, and total planned real expenditures decline.
A competitive firm's total revenue minus its total opportunity cost equals its ________
A) marginal revenue B) economic profit C) opportunity cost D) normal profit
If price exceeds marginal cost, we say that a firm receives
a. Extraction surplus b. User costs c. Consumer surplus d. Royalty payments e. Resource rents