A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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Suppose the number of people employed is 25 million and the number of people in the labor force is 75 million. What is the employment-to-population ratio?
A) 33 percent B) 25 percent C) 75 percent D) There is not enough information given to answer the question.
If additional units of output could be produced at constant opportunity cost, the production possibilities curve would be: a. bowed inward toward the origin
b. bowed outward away from the origin. c. positively sloped. d. a straight line with a negative slope.
Ceteris paribus, if the market supply of a product decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; increase b. decrease; increase c. decrease; indeterminate d. increase; decrease
In Atlanta, tickets for professional and college football games are substitutes. An increase in the ticket price for professional football, other things being equal, will
a. increase the demand for college football tickets. b. decrease the demand for college football tickets. c. not change the demand for college football tickets. d. decrease the demand for professional football games.