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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Recall the Application about the benefits provided by the LoJack auto recovery system to answer the following question(s).Recall the Application. LoJack is system that allows the police to track stolen cars. LoJack is a ________ good that generates ________.
A. public good; external benefits B. public good; no external benefits C. private good; external benefits D. private good; no external benefits
Economists assume that the goal of a firm is to
A) maximize economic profits. B) sell as many units as possible. C) maximize gross revenues. D) be the largest firm in its industry.
Commonwealth Edison is the only provider of electricity to many households in the Chicago area. Commonwealth Edison is regulated by the government. This type of regulation is known as
A. the Federal Register. B. social regulation. C. the market share test. D. economic regulation.
Related to the Economics in Practice on page 3: According to the Economics in Practice, due to the opportunity cost differential, one would expect ________ children at school when the rains have been plentiful in rural India, and ________ children at school when rural India is suffering from a drought.
A. no; all B. more; fewer C. the same number of; the same number of D. fewer; more