What do economists mean when they refer to inflation as "general increase in the prices of goods and services."
A. Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are increasing.
B. Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are decreasing.
C. All prices are rising.
D. All prices are falling.
Answer: A
You might also like to view...
If expenditure by the government of a country increases, ________
A) the aggregate price level of the country will decrease B) the country's expenditure on consumption will decrease C) the unemployment rate in the country will increase D) the gross domestic product of the country will increase
Who among the following provides a productive service?
A) Bill, a talented software developer B) Monica, a paid Washington, D.C. intern C) Buggs, an illicit drug smuggler D) All of the above.
A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $1,024 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192?
A. 0 or 5.33 or 8 B. 5.33 or 8 C. 0 or 5.33 D. 0 or 8
After a price floor of $23 is placed on the market in the graph shown, which area represents consumer surplus?
A. A + B + C + D B. A C. A + B + C D. A + B