In the table above, what inflation rate belongs in space A?
A) 17.0 percent
B) 6.8 percent
C) 8.3 percent
D) -4.0 percent
A
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Changes in the growth rate of potential output and deviations of actual output from potential output are two logical explanations for:
A. short-term economic fluctuations. B. increasing wage inequality. C. skill-biased technological change. D. the decline in the natural rate of unemployment.
A straight-line demand curve along which the price elasticity of demand equals 0 is one that
A) forms a 45 degree angle with the vertical axis. B) forms a 60 degree angle with the horizontal axis. C) is vertical. D) is horizontal.
Refer to Figure 8.2. Holding other variables constant, a decrease in households' wealth will result in a
A) movement from point A to point B. B) movement from point B to point A. C) shift from curve S1 to curve S2. D) shift from curve S2 to curve S1.
Which of the following is NOT a characteristic of a perfectly competitive market?
A. It is difficult for a firm to enter or leave the market. B. The products sold by the firms in the market are homogeneous. C. Each firm is a price taker. D. There are many buyers and sellers in the market.