A situation in which the price level increases at an extremely high rate is called:
A. stagflation.
B. inflation.
C. disinflation.
D. hyperinflation.
Answer: D
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A barter economy is one in which
a. money serves as a medium of exchange. b. only precious metals are accepted as money. c. goods are traded directly for other goods. d. paper money is backed by gold.
To anticipate what the economy is going to do next the government will look at:
a) Lagging indicators b) Flashing indicators c) Coincidental indicators d) Leading indicators
An entrepreneur is a person who
A. organizes and manages a firm. B. assumes the risk of a firm. C. turns a new idea or product into a business. D. all of the above
If a country experiences a real GDP growth rate of 1 percent and population growth of 2 percent, then the growth rate of real GDP per person is
A) 3 percent. B) 2 percent. C) 1 percent. D) -1 percent. E) 0 percent.