A scatter diagram of money growth rates and inflation rates from 1982 to 2010 indicates
a. a clear direct relationship between money growth and inflation.
b. a clear indirect relationship between money growth and inflation.
c. no clear relationship between money growth rates and inflation.
d. that inflation is always and everywhere a monetary phenomenon.
c
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Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
The economic principle that producers are willing to produce more output when price is high is depicted by the:
A. downward slope of the supply curve. B. extreme steepness of the supply curve. C. interaction of the supply and demand curves. D. upward slope of the supply curve.
When a second firm enters a monopolist's market,
A. market price will rise. B. the quantity produced by the first firm will increase. C. the first firm's profits will decrease. D. All of these will occur.
Governments often intervene in international trade and impose quotas to
A. shift a nation's production possibilities frontier. B. improve the performance of multinational corporations. C. increase revenues from export subsidies. D. protect domestic industries from foreign competition.