cost-push inflation spiral results if the Fed's response to stagflation is to keep
What will be an ideal response?
increasing aggregate demand.
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The development of a strain of wheat that will yield two crops per year rather than one crop per year is an example of economic growth resulting from
A) increased gross investment. B) technological progress. C) an increase in per capita real income. D) capital accumulation.
Coffee Shower, Cloud Nine Coffee, and LoopCafe have each agreed to reduce their output in order to reduce total market supply and raise market price. This is an example of _____
a. a cartel b. a collusion c. a duopoly d. game theory
The larger the coefficient of price elasticity of demand for a product, the:
A. larger the resulting price change for an increase in supply. B. more rapid the rate at which the marginal utility of that product diminishes. C. less competitive will be the industry supplying that product. D. smaller the resulting price change for an increase in supply.
Which of the following is NOT a determinant of demand?
A. prices of other goods B. consumers' tastes C. consumers' incomes D. production technology