Inflation psychosis and wage-price spirals are two types of hyperinflation
a. True
b. False
Indicate whether the statement is true or false
True
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The FOMC is the
A) name of the meeting the Fed has with Congress twice a year. B) report that summarizes the economy across Fed districts. C) report the Fed gives to Congress twice a year. D) group within the Fed that makes monetary policy. E) interest rate the Fed most directly influences.
Bananas in the European Union often retail for twice more than they do in the U.S. What is the most likely explanation for this fact?
A) A complicated system of tariffs and quotas that the EU has imposed to control the imports of bananas. B) More significant freight costs to ship bananas from Central America. C) Larger markup by European retailers. D) None of the above.
Less than 200,000 poor families would no longer be counted as poor if each family had the same income and one person less
Indicate whether the statement is true or false
In 2020, tornadoes damaged parts of the U.S. Midwest, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these tornadoes are said to have caused
A. scarcity, because the damages made food and shelter scarce. B. tradeoffs, because some areas of the country were damaged when others were not. C. shortages, because supplies were cut off and goods were destroyed. D. scarcity, because some goods were difficult to get.