Inflation is a rise in:
a. Industrial production
b. The general level of prices over time
c. The standard of living over time
d. Real GDP
b. The general level of prices over time
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The first major piece of antitrust legislation was:
a. Clayton Act. b. Celler-Kefauver Act. c. Sherman Antitrust Act. d. Rockefeller Act. e. Robinson-Patman Act.
The higher opportunity cost of obtaining an education in developing countries is one of the reasons that school enrollments are lower
a. True b. False Indicate whether the statement is true or false
The real risk-free interest rate is equal to:
a. The difference between the nominal interest rate and expected inflation. b. The tradeoff that society must make between consuming now and consuming later. c. The rate at which the International Monetary Fund borrows from the World Bank. d. The rate at which banks lend to their best customers (i.e., lowest credit risk). e. None of the above is correct.
If the absolute value of the price elasticity of demand for cell phone service is 3, then if the price of cell phone service increases by 1 percent, quantity demanded would:
A. increase by 3 percent. B. decrease by 0.33 percent. C. increase by 0.33 percent. D. decrease by 3 percent.