The systemic costs and burdens that inflation imposes upon a society are almost entirely the result of
A) government price controls.
B) inability to predict its rate and timing.
C) the fact that no one can ultimately gain from higher prices because everyone is a consumer.
D) the lag between the rise of wage costs and the subsequent rise of prices.
E) the lag between the rise of prices and the subsequent rise of wages.
B
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The recession of 2001 began in ________ and ended in ________
A) March; November B) February; December C) April; October D) February; October
If workers are homogeneous and face a monopsonist,
A) they are likely to want to form a union. B) they are likely to want to negotiate one-on-one with their employer. C) it is likely that half will want to form a union, half will not. D) they are likely to move to another town.
Raiman's Shoe Repair also produces custom-made shoes. When Mr. Raiman produces 12 pair a week, the MC of the twelfth pair is $84, and the MR of that unit is $70 . What would you advise Mr. Raiman to do?
a. shut down b. produce more custom-made shoes c. stay at 12 pairs a week d. produce fewer custom-made shoes e. decrease price
The passage of new legislation requiring more extensive government regulation of business will most likely:
A. decrease aggregate demand. B. decrease aggregate supply. C. increase aggregate supply. D. increase aggregate demand.