Disinflation began in the year _____.
2017
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A surplus of a product will arise when price is:
A. below equilibrium, with the result that quantity supplied exceeds quantity demanded. B. above equilibrium, with the result that quantity demanded exceeds quantity supplied. C. below equilibrium, with the result that quantity demanded exceeds quantity supplied. D. above equilibrium, with the result that quantity supplied exceeds quantity demanded.
The total gains from trade within a price system is
A. the area beneath the market demand curve and above the market clearing price plus the area above the market supply curve and beneath the market clearing price. B. always equal to zero. C. the area beneath the market demand curve and above the market clearing price minus the area beneath the market supply curve and beneath the market clearing price. D. the area beneath the market supply curve and above the market clearing price plus the area above the market demand curve and beneath the market clearing price.
What describes the graphical relationship between average product and marginal product?
A) Average product cuts marginal product from above, at the maximum point of marginal product. B) Average product cuts marginal product from below, at the maximum point of marginal product. C) Marginal product cuts average product from above, at the maximum point of average product. D) Marginal product cuts average product from below, at the maximum point of average product. E) Average and marginal product do not intersect.
The television network newscaster reports that the national inflation rate in the past year was equal to 4 percent. This report is most likely prepared from work done by a(n)
a. microeconomist b. normative economist c. macroeconomist d. econometrician e. social scientist rather than an economist