Inflation is a:
A. movement of the economy toward full employment.
B. sustained rise in the general level of prices.
C. one-time change in the general level of prices.
D. sustained decline in the general level of prices.
Answer: B
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Refer to the figure above. If the supply curve for flash drives shifts from S1 to S2, with no change in the demand curve, the new competitive equilibrium quantity is:
A) 10 units. B) 20 units. C) 40 units. D) 60 units.
If the overall unemployment rate is 8 percent, then the cyclical unemployment rate is _____ percent.
Fill in the blank(s) with the appropriate word(s).
During inflationary periods,
A. the real value of money rises. B. the real value of money remains constant. C. the real value of money falls. D. the purchasing power of money rises.
The above table shows the short-run production function for Albert's Pretzels. The law of diminishing marginal product
A) appears with the second worker. B) has not yet appeared for any of the levels of labor. C) first appears with the fifth worker. D) is refuted by this evidence.