The price level is:
A. the percentage change in a price index such as the CPI.
B. the rate of inflation.
C. a measure of overall prices at a particular point in time.
D. the price of a specific good in comparison to the prices of other goods and services.
Answer: C
You might also like to view...
The tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth is called
A) persistence. B) comovement. C) periodicity. D) recurrence.
The downward sloping marginal revenue product of labor is
A) the firm's supply of labor. B) the firm's short-run demand for labor. C) the firm's marginal cost of labor. D) another term for the marginal revenue product of labor.
If the price of labor increases, the typical perfectly competitive firm in the short run will
A) produce more output. B) hire less labor. C) hire the same labor and produce the same output. D) hire more labor.
An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking less than a per jour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate