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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a. True b. False Indicate whether the statement is true or false
The demand for good X is estimated to be Qxd = 10, 000 ? 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income, and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, good X is:
A. a Giffen good. B. a normal good. C. an inferior good. D. a regular good.
Monopolistically competitive industries have only a single firm and there is a barrier to entry.
Answer the following statement true (T) or false (F)
Most cartels self-destruct because cartel members cheat
Indicate whether the statement is true or false