A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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Suppose the government's initial debt is $400 billion. If for the next three years the government runs deficits of $150, $125, and $200 billion, the government's additional debt at the end of the three years will be
A) -$50 billion. B) $50 billion. C) $475 billion. D) $900 billion.
Dumping occurs when, in a foreign market, a good is sold
A) below its cost of production or below the price in that market. B) at a discount below the list price. C) below its nominal price. D) at a price above the equilibrium price.
A monopolist that maximizes total revenue earns maximum economic profit
a. True b. False Indicate whether the statement is true or false
The marginal revenue product of labor curve is the firm's
A. MPP of labor curve divided by the wage rate. B. Marginal revenue curve. C. Marginal physical product multiplied by the wage rate. D. Demand curve for labor.