Inflation caused by an increase in aggregate spending is referred to as ________.
A. cost-push inflation
B. demand-pull inflation
C. hyperinflation
D. expected inflation
Answer: B
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________, in economics, refers to a preference for equal outcomes within the target population
A) Randomness B) Rationalism C) Fairness D) Liberalism
In the Bertrand model with homogeneous products,
A) the firm that sets the lower price will capture all of the market. B) the Nash equilibrium is the competitive outcome. C) both firms set price equal to marginal cost. D) all of the above E) the outcome is inconclusive.
Suppose the quantity of money is $1,000, the velocity of circulation is 6, and real GDP is $4,000. Then the price level is
A) 2.0. B) 2.5. C) 1.1. D) 1.5. E) 6.0.
What generally causes the business cycle? What are the four phases of a single business cycle? What are the problems associated with the business cycle?
What will be an ideal response?