The federal government employs more civilians than state and local governments.
Answer the following statement true (T) or false (F)
False
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Inflation can be caused either by rapid growth rate of aggregate demand or by sluggish growth of aggregate supply.
Answer the following statement true (T) or false (F)
Recently a teachers' union argued that the standard of living of teachers working for the school district was falling. The negotiating team for the school board replied that this was not true because the teachers had received significant increases in nominal income through collective bargaining. Could the union statement be correct?
A. Yes, because real income may fall if price increases are proportionately smaller than the increases in nominal income. B. No, because real income may rise if price increases are proportionately greater than declines in nominal income. C. Yes, because real income may fall if price increases are proportionately greater than the increases in nominal income. D. No, because real income may rise if price increases are proportionately greater than the increases in nominal income.
Which industry would be best characterized as monopolistically competitive?
A. business cloud-computing services B. smart-phone manufacturing C. web design consulting D. Internet-search sites
Which of the following decreases the demand for an inferior good?
A) an increase in income B) a decrease in the price of a complement C) a decrease in income D) an increase in the price of a substitute