Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflagnation.
C. stagnatory growth.
D. inflationary stagnation.
A. stagflation.
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A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?
What will be an ideal response?
A hypothesis is
a. an assumption about behavior b. a prediction of what will occur given certain assumptions c. a prediction of what will occur regardless of assumptions d. a forecast of future events e. useful only if the assumptions are realistic
When an economy experiences strong economic growth,
a. the number of families in the bottom 10 percent of the income distribution decreases b. the income of families in the bottom of the income distribution increases c. only the top of the income distribution is affected d. the accompanying inflation cancels out any change in income distribution e. the rich are no better off because taxes rise with income
At the unique point of consumer equilibrium, the:
A. distance between indifference curves is maximum. B. distance between the budget line and the indifference curve is maximum. C. marginal utility ratio of the two goods is equal. D. marginal rate of substitution (MRS) equals the slope of the budget line.