Stagflation can be defined as a situation characterized by
A. rising prices and rising output.
B. rising prices and falling output.
C. falling prices and falling output.
D. falling prices and rising output.
Answer: B
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Which of the following would be considered a contingent contract?
A) a piece rate contract B) a profit-sharing contract C) a contact with a bonus D) All of the above.
Which of the following most resembles a perfectly competitive market?
A. The stock market B. The publishing industry C. The steel industry D. The new car market
In which market structure(s) might firms produce an undifferentiated product?
a. perfect competition only b. perfect competition and oligopoly c. monopolistic competition only d. perfect competition and monopolistic competition e. monopoly only
Because the marginal tax rate rises as income rises,
a. higher income families, in general, pay a larger percentage of their income in taxes. b. lower income families, in general, pay a larger percentage of their income in taxes. c. a disproportionately large share of the tax burden falls upon the poor. d. higher income families pay the same percentage of their income in taxes as lower-income families.