Inflation is
A) a one time increase in the general level of prices.
B) a persistent increase in the price of an individual good, service or resource.
C) a persistent increase in the general level of prices.
D) a one time increase in the price of an individual good or service.
C) a persistent increase in the general level of prices.
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Any change that causes a decrease in the demand for labor at a given wage rate will be represented by a(n) ________, assuming all else equal
A) rightward shift in the labor demand curve B) downward movement along the labor demand curve C) upward movement along the labor demand curve D) leftward shift in the labor demand curve
A feature of perfect competition is
A) use of non-price competition by firms. B) mutual interdependence among firms. C) unique products. D) standardized products.
An economic policy that is based on a flawed theory can, at times, provide a desired outcome
a. True b. False Indicate whether the statement is true or false
Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets. b. the expenditures on and sales revenues derived from all goods and services exchanged during a period. c. the market value of the output produced during a period and the cost of producing that output. d. the asset holdings of people and the happiness that they derived from the ownership of those assets.