Inflation is best described as a situation in which
A. some prices are rising faster than others.
B. the average of all prices are on a sustained rise over a period of time.
C. relative prices are changing.
D. relative prices are changing, but the purchasing power of the dollar is unchanged.
Answer: B
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One generally recognized positive effect of illegal immigrants is:
A. Lower costs of products and thus lower prices for consumers B. Higher demand for social services C. Reduced average wage rates for workers in some sectors D. Positive effects on national defense
________ is the process of putting ideas or thoughts into symbolic form
a. Sourcing b. Encoding c. Decoding d. Sending
Related to the Economics in Practice on page 198: If the long-run average cost curve in an industry has a long, flat section, which of the following must be true?
A. Existing firms have no incentive to expand. B. There is no single point on the curve that is the best. C. There would be no difference between the industry's short-run average cost curve and its long-run average cost curve. D. Small firms have higher average costs than large firms.
Over the past 25 years, child mortality has ________ and literacy has ________ in developing countries.
A. fallen; fallen B. fallen; risen C. risen; risen D. risen; fallen