The German inflation rate after World War I was measured in the thousands of percents. This condition is referred to as
a. fundamental inflation.
b. environmental inflation.
c. hyperinflation.
d. episodic inflation.
c
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Which of the following is a reason why Fed policy might be ineffective?
A. The wealth effect B. Crowding out C. The liquidity trap D. The foreign substitution effect
In the United States over the past fifty years, the fraction of GNP devoted to consumption has fluctuated in a range of about
A) 42 to 49 percent. B) 32 to 39 percent. C) 22 to 29 percent. D) 82 to 89 percent. E) 62 to 70 percent.
Refer to the above figure. Suppose the government imposes a minimum wage rate of $20.00 per hour. This will likely result in
A) a surplus of labor. B) a shortage of labor. C) an equilibrium in the labor market. D) an increase in the demand for labor.
If the cross-elasticity of demand for two goods is negative, this means that:
a. only the poor will buy the goods. b. they are normal goods. c. the goods are substitutes. d. the goods are complements.