In the long run inflation is explained by __________. For countries that had hyperinflation this source of inflation arose primarily because the government __________
Fill in the blank(s) with correct word
rapid money supply growth, printed money to pay for government expenditures
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A firm's short-run cost functions depend primarily on the firm's production function and the prices of the inputs to production
Indicate whether the statement is true or false
Which of the following does not increase a McDonald's franchisee's financial stake in the success of the operation?
a. Successful owners may get additional restaurants b. The franchise is valid for 20 years and renewable after that c. The franchisee can safely ignore the company's standards of quality, pricing, cleanliness, hours of operation, and so on d. The franchisee must make highly specific investments of money and time e. The franchisee must have "non-borrowed personal resources" of at least $200,000 in cash
If a good's price increases by 2 percent, then its quantity supplied increases by more than 2 percent. This means
A) supply is elastic. B) supply is unit-elastic. C) supply is inelastic. D) the good has good substitutes.
The longest recession since the 1940's began in:
A. 1981. B. 1973. C. 2007. D. 1952.