Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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The market demand curve for denim jeans is Q = 231 - 45 P + 23 I where P is the product price and I is per-capita consumer income. Which of the following statements about this demand function is NOT true?
A) Denim jeans are normal goods. B) The price elasticity of demand is -45. C) The demand curve is downward sloping. D) The Engel curve for this denim jeans is upward sloping.
Which of the following would most likely be an example of market failure?
a. industrial water pollution b. eBay transactions c. tradable pollution permits d. brokers re-selling tickets for concerts
Tariffs are different from quotas because they
a. increase government revenue. b. increase profits. c. increase the quantity traded. d. place all the burden on foreigners.
Variable costs:
A. do not vary with output. B. are positive even when a firm produces no output. C. change as output changes. D. exist only in the short run.