All totaled, local, state, and federal governments spend ________ on police, the judiciary, and prisons.
A. $21.4 billion
B. $265 billion
C. $19.7 trillion
D. $214 million
Answer: B
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Inflation caused by a rise in the prices of inputs is referred to as ________.
A. hyperinflation B. unexpected inflation C. demand-pull inflation D. cost-push inflation
Which of the following always lowers the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
Now suppose competition among several market makers forces the spread down to $4 . How many goods are traded?
a. Four b. Five c. Six d. Seven
Inflation:
a) Always reduces the cost of living b) Always reduces the standard of living c) Reduces the price of products d) Reduces the purchasing power of a pound