A science that studies the behavior and interactions of human beings, individually and in groups, is known as a(n)
a. social science.
b. physical science.
c. interactive science.
d. dynamic science.
a. social science.
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If the CPI is 231.4 in one year and is 241.2 in the next year, then the inflation rate equals
A) (241.2 - 231.4 ) × 100. B) × 100. C) × 100. D) × 100. E) × 100.
When cost-push inflation starts, real GDP ________ and the unemployment rate ________
A) decreases; falls B) does not change; falls C) decreases; rises D) does not change; does not change E) increases; falls
When an economy is in a liquidity trap
A) monetary policy cannot be used to influence the exchange rate. B) monetary policy can be used to drive interest rates down, but not to drive them up. C) there is an excess demand for bonds. D) people and institutions avoid holding cash balances. E) it can escape only by introducing a hard, or illiquid, currency.
The marginal cost curve intersects the average total cost curve at the firm's most efficient point of production
a. True b. False Indicate whether the statement is true or false