Stagflation may follow an inflationary boom.
Answer the following statement true (T) or false (F)
True
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The consumption function shows the relationship between consumer expenditures and:
a. the interest rate. b. the tax rate. c. savings. d. disposable income.
Assume that the government of a nation prohibits producers from extracting crude oil from some domestic oil fields. Which of the following will be witnessed in the market for crude oil?
a. The domestic and world price of crude oil would remain unaffected. b. The domestic price of crude oil would increase. c. Oil import from the world market would decline. d. The world price of crude oil would increase.
An inequality trap has a negative impact on human capital development.
Answer the following statement true (T) or false (F)
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.