In the long run, the primary effect of rapid monetary growth is
a. lower nominal interest rates.
b. reduced unemployment.
c. inflation.
d. an increase in real output.
C
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Arnie's Airlines decides to offer different fares to different customers for the same tri
A) wants to convert consumer surplus to deadweight loss. B) wants to help some buyers with lower fares. C) has different costs for the same flight. D) wants to convert consumer surplus to economic profit. E) wants to convert producer surplus to consumer surplus.
Refer to the payoff matrix below, which ________ a prisoner's dilemma. If both countries cooperate, Home will choose Policy ________ and Foreign will choose Policy ________
A) is; 1; A B) is; 2; B C) is; 1; B D) is not; 2; B E) is not; 1; A
A fair price gets its name because it is the price at which
a. society values the marginal product in proportion to the cost of the resources used in production b. the marginal benefit of the last unit consumed is equal to the marginal value of the resources used to produce it c. the monopolist would make normal profit in a competitive market d. resources are distributed equitably e. normal profit would be made in any other market
Which of the following is a subtle way for a company to reassure their competitors that it is committed to a tit-for-tat strategy?
A. Offering a commitment strategy B. Setting prices below cost C. Collusion D. Price-matching guarantees