Milton Friedman concluded that we have never had a serious inflation that was not accompanied by ___________.
Fill in the blank(s) with the appropriate word(s).
rapid monetary growth
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Refer to the scenario above. What is the national income of the economy?
A) $7,000 B) $10,000 C) $2,000 D) $5,000
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn
a. True b. False Indicate whether the statement is true or false
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if this economy were to open to free trade, the domestic quantity demanded would be:
A. 1500. B. 250. C. 500. D. 1150.
Which of the following is correct?
A) There is no firm mathematical relationship between marginal utility and total utility. B) Total utility is equal to the change in marginal utility from consuming an additional unit of a product. C) If marginal utility is diminishing and is a positive amount, total utility will increase. D) If marginal utility is diminishing, total utility must also be diminishing.