Stagflation is the conjunction of
A. stagnation and recession.
B. inflation and stagnation.
C. depression and inflation.
D. stagnation and deflation.
Answer: B
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What is allocative efficiency?
A) It refers to a situation in which resources are allocated such that the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it. B) It refers to a situation in which resources are allocated to their highest profit use. C) It refers to a situation in which resources are allocated such that goods can be produced at their lowest possible average cost. D) It refers to a situation in which resources are allocated fairly to all consumers in a society.
If the amount you owe on your house is greater than the price of the house, you have
A) negative equity in your house. B) no value to your house. C) a reverse mortgage on your house. D) a mortgage rate that is too high.
The trade-off between unemployment and inflation is usually shown by the
a. supply curve and the demand curve. b. aggregate expenditure curve. c. production possibilities curve. d. Phillips curve.
The firm's short run is defined by the time that it can
a. use up the current stock of raw materials b. make a profit-maximizing production decision c. recover all of the fixed costs d. begin earning positive profit e. change some but not all resources