In general we note that inflation:
A. hurts everyone in the economy whenever it occurs.
B. hurts everyone in the economy the same.
C. always decreases purchasing power.
D. has very real costs associated with it.
D. has very real costs associated with it.
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A perfectly competitive firm's marginal cost exceeds its marginal revenue at its current output. To increase its profit, the firm will
A) lower its price. B) raise its price. C) decrease its output. D) increase its output.
How large was the estimated U.S. fiscal imbalance in 2014 and how did it divide between current and future generations?
What will be an ideal response?
The business cycle dating committee determines when peaks and troughs occur by looking at
A. mainly at real GDP figures. B. mainly at the unemployment rate. C. data from our economy and comparing it to data from other major nations. D. mainly at employment, industrial production, personal income, and manufacturing and trade revenue.
When the minimum efficient scale occurs at a high level of industry output
A) the firms in the industry will be producing in the diseconomies of scale portion of the curve. B) there will only be a few firms in the industry. C) the government will have to take over the production of the good since it will be unprofitable for firms. D) there will be a lot of firms in this industry.