The term "stagflation" was invented in the 1970s to describe an economy experiencing both
a. deflation and economic stagnation.
b. inflation and economic stagnation.
c. high inflation and high employment.
d. high inflation and high levels of economic growth.
b
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The figure above shows Cindy's demand for CDs per year
a. What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $12? b. What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $9? c. What happens to Cindy's consumer surplus when the price of a CD falls?
Tour companies and cruise lines often offer last minute fares that are far below the prices paid by customers who have booked their trips far in advance. Use marginal analysis to explain this pricing tactic.
What will be an ideal response?
Use the following graph to answer the next question. 
Which of the following statements is correct on the basis of the information shown?
A. The GDP price index equals 100 in 2000. B. The GDP price index is less than 100 in 2010 C. The GDP price index is greater than 100 in 1990. D. Without additional data, the value of the GDP price index cannot be known for any year in the graph above.
The Condorcet paradox is a situation in which the preferences of each individual member of a group are ___________, and the collective preferences of the group are _________.
A. not transitive; not transitive B. transitive; not transitive C. transitive; transitive D. not transitive; transitive