The costs of inflation depend upon
A) whether it is anticipated or unanticipated.
B) who pays it and who receives it.
C) the future savings rate.
D) none of the above.
C
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Referring to Figure 2.1,if you increase the production of farm goods, what other area is affected?
A) how much people can purchase B) the production of manufactured goods C) the wages earned by farm workers D) the price of produce
When the economy is producing its potential output, an increase in government spending must necessarily reduce some component of private spending. This phenomenon is called
A) the multiplier effect. B) entitlement spending. C) fiscal policy. D) crowding out.
If a market is not subject to large, frequent shifts in demand,
a. firms will have a tendency to lower prices to increase market share b. the market will have few firms c. prices will approach equilibrium very slowly d. price leadership will rarely occur e. cheating on collusive agreements is more difficult
An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus.
Answer the following statement true (T) or false (F)