Inflation refers to a(n) ________ in the overall ________.
A. increase; unemployment rate
B. decrease; price level
C. decrease; unemployment rate
D. increase; price level
Answer: D
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Recall the Application. If the decrease in price of illegal drugs is primarily due to a change in supply, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
A fall in the price of a firm's output
A) decreases the firm's demand for labor. B) increases the firm's demand for labor. C) decreases the firm's supply of labor. D) increases the firm's supply of labor.
________ is the narrowest monetary aggregate that the Fed reports
A) M0 B) M1 C) M2 D) M3
Do government bureaucracies misallocate resources? If so, how and why? Can you list one possible way to limit the negative effects of special interests such as bureaucracies?
What will be an ideal response?