Stagflation" refers to
A. a simultaneous increase in output and the price level.
B. a simultaneous reduction in output and the price level.
C. an increase in the price level accompanied by decreases or leveling off in real output and employment.
D. a decline in the price level accompanied by increases in real output and employment.
C. an increase in the price level accompanied by decreases or leveling off in real output and employment.
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If there is a surplus of a good, the quantity demanded is ________ the quantity supplied, and the price will ________
A) less than; rise B) less than; fall C) greater than; rise D) greater than; fall E) equal to; fall
Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm will have
A) a lower price. B) a lower average cost. C) a horizontal demand function. D) a lower rate of output.
About one out of every _________ Hispanics is poor.
Fill in the blank(s) with the appropriate word(s).
Which person is most likely to be poor? A person who is
A. over 65 years of age. B. black. C. white and under 6 years of age. D. living in a female-heading family with children under 18.