Inflation refers to an increase in the
a. price level.
b. rate of inflation.
c. total income.
d. real GDP.
a
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The change in the price of one good has no effect on the quantity demanded of another good. These goods are:
A) complements. B) substitutes. C) both inferior. D) both Giffen goods. E) none of the above
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. a sequential game.
B. a simultaneous game.
C. a cooperative game.
D. an ultimatum.
If there was only full-reserve banking:
A. the financial system would work better. B. absolutely no lending using deposits would be able to occur. C. The money multiplier would be at maximum. D. banks would make more money lending deposits.
"Everybody has a comparative advantage in something." Do you agree or disagree? Why?
What will be an ideal response?