Hyperinflation refers to a situation in which:

A. prices are rising extremely rapidly.
B. prices are falling extremely rapidly.
C. the price level is extremely high.
D. the price level is extremely low.


Answer: A

Economics

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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher

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During the antebellum period, two systems of land use emerged—the self-sufficient system of the North, which did not rely on specialization, and the specialized system of the South, which concentrated the use of slaves

Indicate whether the statement is true or false

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Refer to the above figure. At a price of two cents, the quantity of bubble gum demanded will be

A. 4. B. 3. C. 2. D. 5.

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When network effects are important, then an industry can experience

A) positive market feedback. B) prince-leadership. C) a zero-sum game. D) a vertical merger.

Economics