Stagflation is the combination of
A) inflation and increasing real GDP.
B) deflation and recession.
C) inflation and recession.
D) deflation with increasing real GDP.
C
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The bowed out (concave) shape of the production possibilities curve implies that as production of one good
A) increases, society must forgo increasing amounts of another good. B) increases, production of other goods increases as well. C) decreases, production of other goods decreases as well. D) increases, society must forgo decreasing amounts of another good. E) increases, society can obtain a free lunch.
In the United States, the smallest source of expenditure on healthcare is
A) government expenditure. B) private insurance expenditure. C) out-of-pocket expenditure. D) unknown.
According to the random walk theory
A) today's stock price will be related to yesterday's stock price. B) successive prices of a stock are independent of each other. C) stock prices can easily be predicted for as much as 52 weeks into the future. D) stock prices rise and fall in predictable cycles that correspond with the overall business cycle.
A bumper crop of wheat could be bad news to farmers if the price elasticity of demand for wheat is greater than one.
Answer the following statement true (T) or false (F)