________: the general price level is rising even though the economy is nowhere near full employment output
Fill in the blank(s) with correct word
Stagflation
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Nations with low levels of GDP per capita may converge to richer nations if
A) nations with high levels of income experience a continuously increasing growth rate. B) nations with lower levels of income grow more quickly than those with higher levels of income. C) nations with lower levels of income grow more slowly than those with higher levels of income. D) nations with lower levels of income spend less on investment.
A profit-maximizing firm will pay a worker:
A) the value of the worker's marginal product. B) the revenue that it earns by selling one unit of the product. C) less than the value of the worker's marginal product. D) more than the value of the average revenue of the firm.
The Fed has attempted to solve the problems of being unable to directly control the variables that determine economic performance and the timing lags in observing and reacting to economic fluctuations by
A) pressing Congress for legislation which would expand its powers. B) using targets to meet its goals. C) abandoning some goals in order to achieve others. D) devising new monetary policy tools.
In 1989, Sears and Roebuck closed its stores and remarked every price in its stores to reflect a new "lower everyday" pricing strategy. Sears must have believed at that time that
A) the profit from extra sales were less than additional menu costs. B) the menu costs were less than the gain in profits from additional sales. C) extra liquidity was more important than menu costs. D) B and C.