Hyperinflation refers to a situation in which:
a. prices are rising extremely rapidly.
b. prices are falling extremely rapidly.
c. the price level is extremely high.
d. the price level is extremely low.
a
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If the demand for a good were completely inelastic,
A) the good is a basic necessity. B) the good is a luxury. C) there are no substitutes for the good. D) there had been a long period of time for people to adjust their behavior. E) people who own the good currently do not want to give it up except at much higher prices.
Which of the following equations represent Taylor Rule?
A) rFF = rFF* - a(p – p*) - b B) rFF = rFF* + a(p – p*) + b C) rFF = rFF* - a(p – p*) + b D) rFF = rFF* + a(p + p*) + b
The poverty line is the income level
A. earned by a worker employed full time at the minimum wage. B. below which a family is officially considered “poor.” C. above which a family is not entitled to government assistance. D. that is the average for American families.
In the very long run, theoretically there will be equilibrium if capital and labor are free to migrate. If and when this ever happens, what will the global economy experience?
a. an equality of wages and marginal product b. an equality of returns to the owners of capital c. a fully Paretoefficient world economy with the highest standard of living possible d. an equality of wages and marginal product, an equality of returns to the owners of capital, and a fully Paretoefficient world economy with the highest standard of living possible