Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A. marginal factor cost is $6. B. marginal factor cost is $200. C. total wage cost is $1,200. D. total wage cost is $7,200.
Refer to Figure 24.3. Which of the following statements is true about the price elasticity of demand at price P2?
A. The price elasticity is inelastic. B. The price elasticity is zero. C. The price elasticity is unitary. D. The price elasticity is elastic.
The increase in total cost resulting from producing one more unit of output is the marginal cost.
Answer the following statement true (T) or false (F)
Social Security taxes are regressive because
A) they apply only to rich people. B) they are not applied to income beyond a certain amount. C) they are applied to welfare recipients. D) they are applied to retired people only.