In the United States, periods of deflation
A) primarily occurred during times of war.
B) were virtually nonexistent until after 1980.
C) only occurred before the Civil War.
D) were relatively common prior to 1930.
D
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Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm?
A. The tax payments on property owned by the firm. B. The wages paid to the 12 employees. C. The half of the payroll taxes on the wages of the 12 employees paid by the employers, but not the half paid by the employees. D. The accounting services provided free of charge to the firm by Paul's wife, who is an accountant.
An increase in the price of product A will:
A. increase the demand for complementary product C. B. increase the demand for substitute product B. C. reduce the demand for resources used in the production of A. D. reduce the demand for substitute product B.
(Consider This) Credit card balances are:
A. a component of M1. B. a component of M2 but not of M1. C. a component of M1 but not of M2. D. not a component of M1 or M2.
If nominal GDP is $300 billion and the velocity is 3, the stock of money is $900 billion.
Answer the following statement true (T) or false (F)