A measure of overall prices at a particular point in time is called:
A. inflation.
B. a relative price.
C. the price level.
D. a real price.
Answer: C
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As a possible approach to eliminating the government budget deficit, increasing taxes for everyone would
A) mean only a small increase in taxes. B) transfer more goods and services to the government sector. C) lead to a large increase in taxes for every worker. D) lead to an inflationary ga
Sarah consumes pizzas and hamburgers. The price of a hamburger is $1 and the marginal utility from her last hamburger is 5. Let Pp be the price of a pizza and MUp be the marginal utility of pizzas
In consumer equilibrium, the ratio MUp/Pp for Sarah's last pizza must equal A) 0.2. B) 1.0. C) 5.0. D) infinity.
An increase in tax rates on a product will raise more revenue, the more inelastic is the demand curve
a. True b. False Indicate whether the statement is true or false
When the economy is producing the level of output equal to natural Real GDP, the unemployment rate is equal to
A) zero. B) the natural unemployment rate. C) the frictional unemployment rate. D) the structural unemployment rate.