Stagflation is a period of time when the economy is experiencing:
a. inflation and low unemployment.
b. high unemployment and low levels of inflation at the same time.
c. high inflation and high unemployment at the same time.
d. low inflation and low unemployment at the same time.
c
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Each month the CPI is calculated by
A) recording the new prices and making no other calculation. B) multiplying the current cost of the CPI market basket by the base period cost and then dividing by 100. C) subtracting the base period cost of the CPI market basket from the current cost and then dividing by 100. D) dividing the current cost of the CPI market basket by the base period cost and then multiplying by 100. E) subtracting the current period cost of the CPI market basket from the base period cost and then multiplying by 100.
The amount of a tax paid by the sellers will be smaller the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
Which of the following inputs is most likely to be "fixed" in the short run?
A) Labor. B) Capital. C) Energy. D) Raw Material.
Unproductive actions designed to increase income or wealth are known as:
a. transfer payments. b. incorporation. c. profit seeking. d. income search. e. rent seeking.