An increase in the overall price level is known as
A. inflation.
B. deflation.
C. stagflation.
D. recession.
Answer: A
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As a group, oligopolists earn the highest profit when they
a. achieve a Nash equilibrium. b. produce a total quantity of output that falls short of the Nash-equilibrium total quantity. c. produce a total quantity of output that exceeds the Nash-equilibrium total quantity. d. charge a price that falls short of the Nash-equilibrium price.
Microeconomics focuses on ____; macroeconomics concentrates on ____.
A. the basic tools of analysis; the use of abstractions and models B. the economies of various countries; the decisions of individual companies C. the decisions of individual units; the behavior of entire economies D. the economic aggregates; the decisions of individual units
Which of these is the BEST example of how the free enterprise system of the United States promotes individual initiative?
A) Men must register for selective service. B) A citizen may be called to serve on a jury. C) The legislative branch levies an income tax. D) Authors can have original works copyrighted.
Which of the following gives rise to a pecuniary externality?
A) Excessive consumption of alcohol leading to ill health B) Sudden increase in the demand for diamonds leading to an increase in their price C) Deforestation leading to the extinction of many species D) Globalization leading to the displacement of indigenous workers