In the original Austin Powers, Dr. Evil is cryogenically frozen for thirty years (from the late 1960s to the late 1990s). Upon his return he hatches a plan to extort one million dollars from various world governments. His henchmen are unimpressed. What type(s) of inflation have made Dr. Evil's proposed blackmail amount seem too small?
A. demand-pull inflation
B. both cost-push and demand-pull inflation
C. cost-push inflation
D. both cost-price and price-pull inflation
Answer: B
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The amount by which the federal government's annual revenues exceed its annual expenditures is the
A) federal debt. B) federal government budget deficit. C) federal government budget surplus. D) federal profit.
In an economy with higher and more variable inflation, the new classical model would predict that the short run aggregate supply curve would
a. be horizontal. b. be more horizontal. c. be steeper. d. shift more rapidly.
The decision firms make about new capital projects is most like the decision consumers make when they decide
A) whether to take a new job. B) which of two new jobs to take. C) what brand of coffee to buy. D) whether to buy a new house. E) whether to go on vacation.
Unemployment insurance could affect unemployment by:
A. increasing the equilibrium level of unemployment. B. decreasing the amount of frictional unemployment. C. changing the incentives of those unemployed and looking for work. D. All of these are true.