If consumers attempt to buy more goods than the economy can produce, the result is
A. Unemployment.
B. The wealth effect.
C. Demand-pull inflation.
D. Cost-push inflation.
Answer: C
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The market structure that is most different from the model of perfect competition is:
A) monopolistic competition. B) monopsony C) oligopoly. D) monopoly.
For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve is the interest-rate effect
a. True b. False Indicate whether the statement is true or false
Modern, highly productive economies
A. have no specialization. B. have a small degree of specialization. C. have a high degree of specialization.
Suppose that the following table shows the supply and demand schedules for Arabian light crude oil on the free market:Price(Dollars/barrel)Quantity demanded (mil. barrels per day)Quantity Supplied (mil. barrels per day)261410271311281212291113301014Given the information in the table, the only price at which there is neither shortage nor surplus is:
A. $28 per barrel. B. $29 per barrel. C. $27 per barrel. D. $26 per barrel.