Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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On the eve of the Civil War, __________ power was more important than _____________ power, but by the end of the 19th century, 90 percent of manufacturing energy came from _________
a. animal; water; steam b. steam; water; electricity c. wind; water; petroleum d. water; steam; coal
When Adam's income increases, he purchases more tickets to Broadway musicals than he did before his income increased. For Adam, Broadway musicals are a(n)
a. normal good. b. inferior good that is not a Giffen good. c. Giffen good. d. optimal good.
In the Primary Metals industry, it is estimated that the elasticity of output with respect to labor is 0.51 and the elasticity of output with respect to capital is 0.73. These two measures indicate that the primary metals industry is characterized by
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) no returns to scale.
The average fixed cost curve increases as output increases.
Answer the following statement true (T) or false (F)