A one-time rise in the price level is:
A. not inflation.
B. inflation if that rise is above 10 percent.
C. inflation if that rise is above 5 percent.
D. inflation if that rise is above 15 percent.
Answer: A
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A need to make choices exists because of
a. scarcity of resources. b. the abundance of goods. c. unlimited human needs and wants. d. both scarcity of resources and unlimited human needs and wants.
A cartel is a group of firms that attempts to
A) maximize joint revenue. B) maximize joint profit. C) behave independently. D) increase consumer surplus.
If the price of potato chips increases, the demand for potato-chip dip will
a. remain unchanged but the quantity demanded will increase b. increase, because the goods are substitutes c. decrease, because the goods are substitutes d. decrease, because the goods are complements e. increase, because the goods are complements
There is statistical evidence that managers' salaries are tied most closely to
a. profits at the profit-maximizing output. b. sales volume. c. cost per unit at minimum-cost output. d. the closeness of output to the point where MR = MC.