Which of the following is true of cost-push inflation?
a. Cost-push inflation is associated with an economic expansion.
b. Cost-push inflation is rarely experienced in developed economies.
c. Cost-push inflation is caused by a decrease in aggregate supply.
d. Cost-push inflation is identical to demand-pull inflation.
e. Cost-push inflation is the result of increased consumer spending.
c
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When people suddenly want to buy something, supply increases.
Answer the following statement true (T) or false (F)
Which of the following would be included in this year's gross domestic product (GDP)?
a. One hundred shares of IBM stock that Tony sold this May b. A used car that Tracey sold to Justin c. George's purchase of a fishing rod and reel at a garage sale d. Sharon giving Dennis $20 as a reward for finding her ring e. A bucket of Kentucky Fried Chicken that Kate bought this July
The indifference curves for left shoes and right shoes are right angles
a. True b. False Indicate whether the statement is true or false
Figure 10-6
Given the aggregate demand and aggregate supply curves for the economy depicted in , the economy's current output and price level are
a.
output y1 and price level P2.
b.
output y2 and price level P1.
c.
output y1 and price level P3.
d.
output y2 and price level P3.