QN=80 (17799) The economy's inflation rate is the
a. price level in the current period.
b. absolute change in the price level from the previous period.
c. change in the gross domestic product from the previous period.
d. percentage change in the price level from the previous period.
d. percentage change in the price level from the previous period.
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The costs affecting decisions to supply are always
A) accounting costs. B) marginal costs. C) past costs. D) per unit costs. E) non-taxable costs.
Starting from equilibrium and using the ISLM framework, a decrease in investment leads to
A) lower interest rates and higher income. B) higher interest rates and higher income. C) lower interest rates and lower income. D) higher interest rates and lower income.
The typical concave (i.e., bowed-out) shape of the production possibilities frontier reflects the law of increasing opportunity cost
a. True b. False
In the long run in a monopolistic competitive industry,
a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.