Hyperinflation is a period of time when
a. people "hoard" their money.
b. the price level explodes and the money supply decreases.
c. both the price level and taxes explode.
d. inflation is greater than 1,000%.
e. the price level rises faster than the money supply.
D
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Which of the following would likely take the longest time to enact?
A) Federal government fiscal policy that strives for a balanced budget B) The Fed's lowering of the discount rate C) The Fed's raising of the discount rate D) The Fed's engagement in open market operations
The Coase Theorem works because the negotiation
A. makes neither party better off. B. makes both parties better off. C. makes the party with the property rights better off. D. makes both parties equally better off.
As used in the text, the "composite good" refers to:
a. large purchases that cannot be incrementally divided b. an abstraction requiring more than a three-dimensional graph c. income not spent on good X is two-dimensional graphical presentation d. the notion that consumers cannot be modeled graphically e. none of the above
A kinked demand curve indicates that rival oligopolists match all
A. Price increases. B. Increased advertising. C. Advertising reductions. D. Price reductions.