If unemployment and inflation always move in the same direction, then we can infer that business fluctuations are
a. from the demand side.
b. from the supply side.
c. from both the demand and supply side.
d. purely random events.
b
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Economics can decide
A. the appropriate trade-off between fairness and efficiency. B. which pricing arrangements are fair and which are unfair. C. whether a pricing decision will impose heavy inefficiency costs on society. D. All of the responses are correct.
When a good is put onto the global market at a price below the cost to produce it, this is known as
A) the infant-industry argument. B) dumping. C) a quota. D) protection of domestic jobs.
Since 1970, exports, as a percent of world GDP, have
a. decreased but remain higher than 10 percent b. increased c. remained about the same d. decreased to below 10 percent e. exceeded 100 percent
When the price of baseballs decreases by 15 percent, the quantity demanded increases by 25 percent. Which of the following does this example show?
a. total revenue decrease for an elastic price demand b. total revenue increase for an elastic price demand c. total revenue decrease for an inelastic price demand d. total revenue increase for an inelastic price demand