The period of 1973 to 1980 can best be described as a time of
a. deflation.
b. reflation.
c. unflation.
d. stagflation.
e. disflation.
d
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According to the Application, the differential survival of the wealthy created an environment
A) which allowed for economic growth. B) where lower-class people could no longer afford to live in the country. C) that directly led to the demise of the British monarchy. D) which caused increased class warfare.
On any given day, a salesman can earn $0 with a 20% probability, $100 with a 40% probability, or $300 with a 20% probability. His expected earnings equal
A) $0. B) $100 because that is the most likely outcome. C) $100 because that is what he will earn on average. D) $200 because that is what he will earn on average.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The price received by sellers with the tax is:
A. $2.33. B. $1.50. C. $1.75. D. $1.83.
A good produced in Japan and sold to Korea
a. is a Korean export and Japanese import b. is a Korean import and Japanese export c. implies that Japan has an absolute advantage in the production of the good d. implies that Korea has a comparative advantage in the production of the good e. implies that Korea has an absolute advantage in the production of the good