Economists before the 1940s were most likely to call a rise in asset prices inflation, as long as it is accompanied by an increase in:
A. a price index.
B. GDP.
C. goods inflation.
D. the money supply.
Answer: D
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A monopolistically competitive firm:
A. sells products that are perfect substitutes for its competitors' products, so must compete on the basis of location. B. will be more successful the more similar its output is to its competitors' output. C. sometimes distinguishes its output from that of its competitors by locating in a more convenient place. D. sells products that are close substitutes for its competitors' products, so will locate as far away from its competitors as possible.
Because Federal Reserve Notes (paper currency) are legal tender
A) U.S. creditors must accept them in payment of debts. B) U.S. workers must accept them as payment for labor services. C) U.S. firms must accept them as payment for goods and services. D) All of he above are correct.
Perfectly competitive markets are characterized by each of the following except
A. substantial barriers to entry and exit. B. many small potential buyers. C. many small potential sellers. D. identical products.
Farming profits are affected by all of the following costs except
A. Prices of clothing. B. Fertilizer costs. C. Interest rates. D. Fuel costs.