Conspicuous consumption
A. was a phrase coined by Karl Marx.
B. was a phrase coined by Thorstein Veblen.
C. was a phrase coined by Milton Friedman.
D. was a phrase coined by Adam Smith.
B. was a phrase coined by Thorstein Veblen.
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Use the following saving schedule to answer the next question. 
As income falls from level 3 to level 2, the amount of
A. dissaving increases. B. saving increases. C. dissaving decreases. D. saving decreases.
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Points a and b
A) are most likely to reflect the final allocations after trading. B) are least likely to reflect the final allocations after trading. C) are equally likely to reflect the final allocations after trading than other points on the contract curve. D) are definitely not the final allocations after trading.
For the most part, trade between many countries:
A. is entirely unregulated or free. B. is regulated or restricted in some way. C. is free, with the notable exception of China. D. causes the well-being of some nations to win and others to lose.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.