Differences in human capital and discrimination can help explain economic inequality
Indicate whether the statement is true or false
TRUE
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An increase in the price of good 2 will cause the demand curve for good 1 to shift out.
Answer the following statement true (T) or false (F)
As we increase the production of computers, we find that we must give up larger and larger amounts of DVD players per computer
A) This situation illustrates increasing opportunity cost. B) As a result, we should specialize in the production of DVD players. C) The production possibilities frontier for computers and DVD players is a straight line. D) DVD players will be more highly regarded by consumers than computers.
Suppose the price of pepperoni falls. In the market for pizza, in which pepperoni of a popular ingredient, one would expect that
A) the supply of pizza would increase, and the price would fall. B) the demand for pizza would increase, and the price would increase. C) the demand for pizza would decrease, and price would fall. D) the supply of pizza would decrease, and price would rise.
Stagflation is a term that usually describes an economy experiencing:
A. high inflation coupled with low growth. B. low unemployment rates and low inflation rates. C. low inflation. D. low inflation coupled with low growth.