Any activity that results in the conversion of resources into products that can be used in consumption is
A) planning.
B) investment.
C) production.
D) discounting.
Answer: C
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Stagflation is the combination of
A) inflation and increasing real GDP. B) deflation and recession. C) inflation and recession. D) deflation with increasing real GDP.
If a competitive firm is in short-run equilibrium, then
A) profits equal zero. B) economic profits will be positive. C) economic profits will be negative. D) All of the above are possible in the short run.
Answer the following statements true (T) or false (F)
1. According to the Department of Commerce, a person living alone constitutes a single-person family. 2. Statistics indicate that because of government transfer programs, households in the four lower quin tiles now receive a much larger share of aggregate income than in 1970. 3. The Lorenz curve measures the degree to which a nation’s income is distributed. 4. The Lorenz curve measures the per capital annual income of individuals. 5. The value of the Gini coefficient has increased since the 1970s.
An extreme case where either the quantity demanded (Qd) or supplied (Qs) changes by an infinite amount in response to any change in price is called:
a. perfect elasticity. b. imperfect elasticity. c. strong elasticity. d. weak elasticity.