When the prices of food and gasoline are added to core inflation, we get:
A. core deflation.
B. headline inflation.
C. hyperinflation.
D. adjusted inflation.
B. headline inflation.
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The short-run average total cost curve is U-shaped because average fixed costs ________ and average variable costs ________ eventually as quantity produced increases.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
Recall the Application about the marginal cost involved in producing crude oil to answer the following question(s).Recall the Application. Which country has the highest marginal cost of extracting oil?
A. Saudi Arabia B. Russia C. United Arab Emirates D. Canada
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
How did economist Abba Lerner use the analogy of a car on a highway to depict his view of macroeconomic stability? How did economist Milton Friedman modify this depiction?
What will be an ideal response?