Inflation refers to:
What will be an ideal response?
rise in the general level of prices in an economy
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Refer to Table 4.1. If Mike starts with 4 CDs and 1 economics book, would he be willing to trade one CD for two economics books?
A. Yes, because the bundle with 3 CDs and 3 economics books is ranked higher than the bundle with 4 CDs and 1 economics book
B. No, because the bundle with 3 CDs and 3 economics books is ranked higher than the bundle with 4 CDs and 1 economics book
C. Yes, because the bundle with 4 CDs and 1 economics book is ranked higher than the bundle with 3 CDs and 3 economics books
D. No, because the bundle with 4 CDs and 1 economics book is ranked higher than the bundle with 3 CDs and 3 economics books
Given the slope of a supply curve, if a demand curve becomes more price elastic:
A. the share of a tax consumers pay becomes smaller. B. the share of a tax consumers pay becomes greater. C. consumers pay the entire amount of a tax. D. There is not sufficient information.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.
The primary purpose of the Federal Open Market Committee (FOMC) is to: a. set reserve requirements
b. extend loans to member banks of the Fed. c. buy and sell government securities. d. distribute Federal Reserve notes. e. enforce bank regulations.