Inflation is the increase in:
A. total output.
B. total output per worker.
C. imports relative to exports.
D. the general level of prices.
Answer: D
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Assume that the government decides to use fiscal or monetary policy to stimulate the economy and that this action comes as a surprise to most individuals and businesses. In the short run, the result will be
A) an increase in aggregate demand and a fall in the price level. B) a decrease in aggregated demand and a rise in the price level. C) a decrease in the average duration of unemployment and a decrease in the unemployment rate. D) an increase in the average duration of unemployment and an increase in the unemployment rate.
If the price level is fixed, then changes in nominal income will be equivalent to changes in real income
a. True b. False Indicate whether the statement is true or false
If the price elasticity of demand is equal to 1, then demand is unit elastic
a. True b. False Indicate whether the statement is true or false
If there was a significant find of natural gas in a readily accessible location in the U.S., this would likely
A. decrease aggregate demand. B. increase aggregate demand. C. increase aggregate supply. D. decrease aggregate supply.