If you were a debtor you would prefer
A. Deflation
B. Disinflation
C. Unanticipated inflation
D. Anticipated inflation
C. Unanticipated inflation
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If an industry has constant marginal and average costs, any shift in demand will eventually
A) result in a higher equilibrium price. B) be met by a smaller change in quantity supplied. C) be met by an equal change in quantity supplied, and equilibrium price will not change. D) make economic profits zero in the short run.
Which of the following is NOT true according to Say's law?
A. No overproduction is possible in a market economy in the long run. B. Desired expenditures will always be higher than actual expenditures. C. Supply creates its own demand. D. Producing goods and services generates the means and the willingness to purchase other goods and services.
Unlike indifference curves, isoquants can intersect
Indicate whether the statement is true or false
Which is an ironic solution to the government protected monopoly?
A) The government might try to "force" less competition in the market. B) The government might "do more" by "doing less," i.e., by removing the monopoly's protection. C) The dead weight loss goes to the government. D) The inherent unfairness of monopoly can only be solved by dictatorship.