Proponents of zero inflation argue that even mild inflation (1 to 3 percent) reduces the economy's real output.
Answer the following statement true (T) or false (F)
True
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In the late 19th century, increases in productivity in the _________ industry were driven mostly by innovation, while increases in productivity in the ________ industry were driven by both invention and innovation
a. men's clothing; grain milling b. boot and shoe; cotton textile c. cotton textile; boot and shoe d. boot and shoe; men's clothing
Which of the following provides medical insurance for individuals who fall below the poverty line?
a. Medicaid b. Medicare c. Affordable Care Act d. Temporary Assistance for Needy Families
GDP in excess of potential GDP will shift the aggregate supply curve to the left and the price level will increase
a. True b. False Indicate whether the statement is true or false
Suppose the supply of product X is perfectly inelastic. If there is an increase in the demand for this product, equilibrium price:
A. will decrease but equilibrium quantity will increase. B. and quantity will both decrease. C. will increase, but equilibrium quantity will decline. D. will increase, but equilibrium quantity will be unchanged.