If unemployment is below the NAIRU, inflation generally:
A. accelerates.
B. decelerates.
C. becomes negative.
D. gets caught in a downward spiral.
A. accelerates.
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If marginal cost is ______ average cost, then average cost will _____.
A. equal to; decrease B. less than; increase C. greater than; decrease D. greater than; increase
Black markets emerge during times of
A. price floors. B. price ceilings. C. both price floors and price ceilings. D. neither price floors nor price ceilings.
In addition to making the automatic stabilizers more effective, discretionary fiscal policy could fight a recession by (1) _________; (2) __________; and (3) _______.
Fill in the blank(s) with the appropriate word(s).
To say that coins are "token money" means that:
A. their face value is less than their intrinsic value. B. their face value is greater than their intrinsic value. C. their face value is equal to their intrinsic value. D. they are not legal tender.