A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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Exhibit 30-2
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A point outside the production possibilities curve [PPC]:
a. represents inefficient use of resources. b. represents the prevalence of unemployment. c. is attainable if all resources are used efficiently. d. represents more resources than are currently available. e. will never be attainable, even if the quantity of resources increases.
John Maynard Keynes described economics as an easy subject at which very few excel. Which of the following is not one of the reasons Keynes gave for why so few people excel at the study of economics?
a. An economist must also be a mathematician, historian, statesman, and philosopher in some degree. b. An economist must understand symbols and speak in words. c. An economist must be purposeful and disinterested in a simultaneous mood. d. An economist must understand environmental science, regulation, and political science.
Which of the following will decrease the demand for fast-food burger workers' labor?
A. More people start working two jobs and eat more fast food. B. The price of pizza, a substitute for burgers, decreases. C. A new technology allows burgers to be produced faster. D. Workers get additional training that increases productivity.