Stagflation is defined as _____
Fill in the blank(s) with the appropriate word(s).
decreased output accompanied by a higher price level.
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When economists say that the demand for a product has decreased, they mean that
A. consumers are now willing and able to buy less of this product at each possible price. B. the demand curve has shifted to the right. C. the product has become particularly scarce for some reason. D. the product has become more expensive and thus consumers are buying less of it.
A south sea island produces only coconuts. In 2012, the price of a coconut is $1 and the quantity produced is 200. In 2013, the price of a coconut is $1.50 and the quantity produced is 250. 2012 is the base year. Real GDP in 2013 is ________
A) $375 B) $350 C) $200 D) $250 E) $1.50
Generally speaking, monopolies
A. May be beneficial to society if they are allowed to act like monopolies without government interference. B. May be beneficial to society if they are natural monopolies and are regulated. C. Are never beneficial to society. D. Have great productive efficiency and are always beneficial to society.
Explain how a firm's cost curves and optimal rate of output are affected by (a) property taxes; (b) payroll taxes; and (c) taxes on profits.
What will be an ideal response?