A period in which the price level is rising is experiencing
A. inflation.
B. reflation.
C. deflation.
D. deconstruction.
Answer: A
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The consumption function is a graphical representation of the relationship between _____
a. real gross domestic product and aggregate expenditure b. nominal gross domestic product and consumer expectations about future prices c. nominal gross domestic product and the rate of inflation d. gross national product and the exchange rate
Since the mid-1970s our merchandise balance of trade has been ________ and our services balance of trade has been _______.
Fill in the blank(s) with the appropriate word(s).
Refer to the accompanying table. Based on their comparative advantages, Pat should specialize in ________, and Corey should specialize in ________. Pizzas Made Per HourPizzas Delivered Per HourCorey126Pat1015
A. neither making pizza nor delivering pizza; both making pizza and delivering pizza B. delivering pizza; making pizza C. both making pizza and delivering pizza; neither making pizza nor delivering pizza D. making pizza; delivering pizza