Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation.
B. low economic growth and high inflation.
C. high economic growth and low inflation.
D. low economic growth and low inflation.
Answer: B
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Stewie enjoys watching DVDs and listening to his iPod. Suppose his utility function is given by U(D, I) = 3D + 4(D × I), where D is the number of hours he spends watching DVDs and I is the number of hours he spends listening to his iPod. Which of the following combinations will provide Stewie with the greatest amount of satisfaction?
A. 4 hours of watching DVDs and 8 hours of listening to his iPod B. 6 hours of watching DVDs and 6 hours of listening to his iPod C. 2 hours of watching DVDs and 10 hours of listening to his iPod D. 8 hours of watching DVDs and 6 hours of listening to his iPod
Assuming well-defined indifference curves, when marginal utility is zero, total utility is at a maximum.
Answer the following statement true (T) or false (F)
Refer to the scenario above. If Aqua Inc charges a price of $70 for each unit of Good A while Blu Corp . charges a price of $50, Blu Corp . will face a demand of ________ units
A) 1,000 B) 1,500 C) 2,000 D) 3,000
Fill in the blank: A producer in a ________ market environment would enjoy total market power
A) perfectly competitive B) oligopolistic C) pure monopoly D) price-taking