Rapid increases in the price level during periods of recession or high unemployment are known as
A. stagnation.
B. inflation.
C. stagflation.
D. depression.
Answer: C
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An example of economies of scale in the provision of financial services is
A) investing in a diversified collection of assets. B) providing depositors with a variety of savings certificates. C) hiring more support staff so that customers don't have to wait so long for assistance. D) spreading the cost of writing a standardized contract over many borrowers.
A competitive firm's minimum supply price in the short run is its shutdown price
a. True b. False Indicate whether the statement is true or false
Frictional unemployment is inevitable because
a. sectoral shifts are always happening. b. there is a federal minimum-wage law in the U.S. c. some people do not want to be employed. d. unions are very popular in the U.S.
An example of a nontradable good is a:
A. haircut by a renowned Italian hairstylist in Florence. B. rare gemstone found in South Africa. C. bottle of wine from a remote valley in France. D. good that has no legal restriction placed on it.