Both inflation and deflation refer to a change in ______.
a. the price level
b. the minimum wage
c. the efficiency wage
d. the equilibrium wage
a. the price level
You might also like to view...
Based on the figure above, in which quarter or quarters did an expansion occur?
A) in 2014, 2nd quarter B) in 2013, 2nd quarter C) between 2013, 2nd quarter to 2014, 2nd quarter D) between 2012, 2nd quarter to 2013, 2nd quarter and also between 2014, 2nd quarter to the end of the figure E) There are no expansions illustrated in the figure.
Answer the following statement true (T) or false (F)
1) If price and total revenue are directly related, demand is inelastic. 2) If price changes and total revenue changes in the opposite direction, demand is relatively elastic. 3) Cross elasticity of demand measures the effect of a change in the price of one product on the quantity demanded of another product. 4) Income elasticity measures the effect of a change in income on the purchases of some good or service. 5) If the coefficient of income elasticity of demand is positive, the product is an inferior good.
Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has decreased?
A. A B. B C. neither graph D. both graphs
Refer to the information provided in Table 6.4 below to answer the question(s) that follow. Table 6.4Number ofDonuts per DayTotal UtilityMarginal Utility180?2150?3200?4230?5?10Number ofBurritos per DayTotal UtilityMarginal Utility160?2108?3144?4168?5?12Refer to Table 6.4. The marginal utility of the second donut per day is
A. 20. B. 30. C. 70. D. 110.