(a) In which year did disinflation begin? (b) In which year did deflation begin?
(a) 2020; (b) 2024
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If the demand function for a particular good is Q = 20 ? 8P, then the price elasticity of demand (in absolute value) at a price of $1 is:
A. 1/8. B. 2/3. C. 8. D. 2.
If perfect competitors are making profits in the short run, then in the long run there will be _____ firms in the industry and market price will _____.
A. fewer; rise B. fewer; fall C. more; rise D. more; fall
The natural rate of unemployment is the rate of unemployment
A) that occurs when the money market is in equilibrium. B) that occurs when the markup of prices over costs is zero. C) where the markup of prices over costs is equal to its historical value. D) that occurs when both the goods and financial markets are in equilibrium. E) none of the above
An industry whose total output can be increased without a change in long-run per-unit costs is a(n)
A. increasing-cost industry. B. constant-cost industry. C. zero-cost industry. D. decreasing-cost industry.