Economists define inflation as
The price of necessities like food and gasoline.
How fast on average prices are rising in a given period of time
The value of the dollar
Average house prices in a given area
How fast on average prices are rising in a given period of time
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Economists are often perceived as disagreeing with each other. Is this the way things really are?
A. No, economists agree on much more than is commonly supposed. B. No, the problem is that some economists are smarter than others. C. No, economists “stage” disagreements for public amusement. D. Yes, economists rarely agree on much of anything. E. Yes, economists are unable to analyze problems dispassionately.
Cash payments to a steel mill for steel used in production of automobiles would be an example of
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
From the demand side, the equilibrium level of GDP is one at which
a. everyone who wants a job has one and firms are not looking for extra workers. b. the only unemployment is frictional. c. aggregate demand equals production. d. the only unemployment is cyclical.
Other things equal, when the supply of workers is scarce, one would predict that market wages would be
a. relatively high. b. relatively low. c. determined solely by factors that affect demand. d. determined outside the domain of economic theory.