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.
Answer: B
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Firms in an oligopoly market tend to be ____ and have ____ barriers to entry
a. large (relative to the total market); high. b. large (relative to the total market); low. c. small (relative to the total market); high. d. small (relative to the total market); low.
Which of the following is a type of ownership that features a fixed payment?
a. common stock b. preferred stock c. retained earnings d. bonds
What is price elasticity of demand?
The incentive function of prices:
A. indicates that price increases bring forth more of that resource. B. is the idea that competitive markets will always clear. C. applies to all resources. D. only applies to land.