When cost-push inflation starts, real GDP ________ and the price level ________

A) decreases; falls
B) does not change; falls
C) decreases; rises
D) does not change; does not change
E) increases; falls


C

Economics

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Refer to the figure above. If A forms a customs union with C, it will import

A) 40 units from B. B) 70 units from C. C) 70 units from each. D) 40 units from B and 70 units from C.

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In the Malthusian model, the population growth rate is

A) exogenous. B) positively related to consumption per worker. C) negatively related to consumption per worker. D) assumed to be constant.

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In the long run, a monopolistic competitive firm will operate at a price which:

a. is higher than minimum long-run average cost. b. equals minimum long-run average cost. c. equals marginal cost. d. none of these.

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Congo, Dem. Rep. and Burundil have per capita GDPs of less than $______.

Fill in the blank(s) with the appropriate word(s).

Economics