The combination of a successful wage push by workers and the government's commitment to high employment leads to
A) demand-pull inflation.
B) supply-side inflation.
C) supply-shock inflation.
D) cost-push inflation.
D
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Economic rent is
A) the return to owners of farmland. B) the return to landlords. C) a payment for the use of any resource above its opportunity cost. D) a payment for land, an apartment, or a house that one does not own.
A characteristic of outsourcing is
a. completely unrelated to vertical integration b. likely to be profitable exactly when vertical integration is profitable c. can allow a firm to focus on its core competencies d. it prevents the exploitation of differing degrees of economies of scale at different points in the supply chain
Harry used to work in a launderette and earned $30 a day. After work, he normally had a chicken burger worth $5 at McDonalds. After his pay was lowered to $20 he would purchase a vegetable burger worth $3 instead of the $5 chicken burger. In this scenario, the vegetable burger is an example of a(n)
A. luxury good. B. complement good. C. inferior good. D. normal good.
If you are given $20 and told to go to the store and buy as many potatoes as you can, the reason your demand curve for potatoes is downward sloping has mostly to do with
A. the real-balances effect. B. the substitution effect. C. diminishing marginal utility.