To an economist, the term "inflation" refers to:
A. a one-time change in the average price level.
B. a continually rising price level.
C. any price increases.
D. increases in prices of important goods like food and energy.
Answer: B
You might also like to view...
Because oil price increases reduce the consumption of oil, this discourages the development of oil substitutes
Indicate whether the statement is true or false
In analyzing the market for a particular good, the most appropriate size of the market to consider
a. is the global market b. is a local market c. is a national market d. is a state-wide market e. depends on the purpose of the analysis
The market power of a firm refers to its ability to
A) erect entry barriers in the industry. B) make a profit even when other firms in the industry are making losses. C) control its own output level while keeping its price the same as the prices charged by other firms. D) affect the market price for its industry's output.
U.S. job losses cited by anti-trade critics
A. are mostly a short-term problem in isolated industries. B. are mostly due to poor training by U.S. firms. C. affect only capital-intensive U.S. industries. D. are non-existent.