Which of the following is true of hyperinflation?
a. It causes the value of a currency to deteriorate so quickly that people become reluctant to hold that currency.
b. It is a situation in which people hoard currency expecting its value to increase in recent future.
c. It is a simultaneous increase in inflation and decrease in the quality of products.
d. It occurred in the United States in the 1970s.
e. It is a synonym for cost-push inflation.
a
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If firms maintain preset prices in the short run, then the primary cause of output gaps is changes in:
A. potential output. B. economy-wide spending. C. prices. D. capital and technology.
In an oligopoly, output is
A) less than the output in monopoly. B) greater than the output in perfect competition. C) in all circumstances the same as the output in perfect competition. D) somewhere between the output in monopoly and that in perfect competition outcomes. E) in all circumstances the same as the output in monopoly.
The higher the real wage rate, the higher the labor force participation rate
Indicate whether the statement is true or false
_____ is the exchange of political support on one issue for political support on another issue
a. Logrolling b. Market exchange c. Agenda control d. Rent seeking