Inflation climbed steadily from 1952 to 1972. A time-series graph with inflation on the vertical axis and time (in years) on the horizontal axis would show
A) the rate of inflation as a horizontal line.
B) that inflation was following a decreasing trend line.
C) that inflation had a positive trend.
D) that inflation had a negative trend.
C
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In which scenario can a perfectly competitive firm continue to produce in the short term, even though it would mean economic losses (where P = price, AVC = average variable costs, and ATC = average total cost)?
a. P < AVC but P > ATC b. P = AVC + ATC c. P > ATC – AVC d. P > AVC but P < ATC
U.S. tax laws allow taxpayers, in computing the amount of tax they owe, to use the real value, as opposed to the nominal value, of
a. both interest income and capital gains. b. interest income but not capital gains. c. capital gains but not interest income. d. neither interest income nor capital gains.
The Soviet government in the 1980's never abandoned the ruble as the official currency. However, the people of Moscow preferred to accept
a. cigarettes in exchange for goods and services, because they were convinced that cigarettes were going to soon become hard to come by. b. American dollars in exchange for goods and services, because rubles were extremely hard to come by. c. goods such as cigarettes or American dollars in exchange for goods and services, reminding us of the fact that government decree by itself is not sufficient for the success of a commodity money. d. All of the above are correct.
A tax on buyers will ________ the price paid by the consumer and ________ the price received by the seller.
A. increase, decrease B. increase, increase C. decrease, decrease D. decrease, increase