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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Some people see the government as being more heavily involved in taking sides than in serving the common interest.
Answer the following statement true (T) or false (F)
The concept of diminishing marginal utility:
A. explains why individuals rarely maximize their total utility. B. is the change in total utility that comes from consuming one additional unit of a good or service. C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit. D. is the principle that the additional utility gained from consuming different bundles of goods and services tend to be smaller than the utility gained from consuming just one bundle of goods and services.
If orange juice prices double next year, there will be a
a. rightward shift in the demand for grapefruit juice. b. rightward shift in the supply of grapefruit juice. c. leftward shift in the supply of grapefruit juice. d. leftward shift in the demand for grapefruit juice.
During the 1960s, most economists believed that expansionary macro-policy
a. that caused inflation would permanently reduce unemployment. b. that caused inflation would permanently increase unemployment. c. could not be utilized to reduce unemployment. d. did not affect inflation.