Inflation is a rise in the price level. If it is caused primarily by a decrease in aggregate supply, then we refer to it as
a. demand-push inflation
b. cost-pull inflation
c. demand-pull inflation
d. cost-push inflation
e. supply-push inflation
D
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Which of the following is inconsistent with Robert Nozick's view of fairness as expressed in his book Anarchy, State, and Utopia?
A) Everything that is valuable must be owned by individuals and that the state must ensure that theft is prevented. B) The only legitimate way a person can acquire property is to buy it. C) The requirement that all people should have equal outcomes. D) None of the above answers is correct because all the answers express thoughts consistent with Nozick's view.
The incidence of a tax refers to
a. who actually collects the tax. b. how frequently the tax is collected. c. who bears the economic burden of the tax. d. how the tax affects prices or wages.
Which of the following will enter as a credit in the U.S. balance of payments capital account?
a. the purchase of a Japanese automobile by a U.S. consumer b. the sale of Japanese electronics to an American c. the sale of an American baseball team to a Japanese industrialist d. the purchase of a Japanese electronics plant by an American industrialist
Most of China's recent growth has been fueled by ________, and most of India's recent growth has been fueled by ________.
A. services; manufacturing B. manufacturing; manufacturing C. manufacturing; services D. services; services