Cost-push inflation is due to:
a. "too much money chasing too few goods".
b. the economy operating at full employment.
c. increases in production costs.
d. all of these.
c
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In reviewing discussions of life in developing countries, what is it about lifestyles in the low-income countries compared with lifestyles in the high-income countries that most strikes you? Why?
What will be an ideal response?
According to this Application, what was the approximate value of Wal-Mart's value added in 2014?
A) $115 billion B) $286 billion C) $374 billion D) $661 billion
The cost-plus-markup theory is an inadequate explanation of relative prices because
A) it does not explain why there is a standard percentage markup in most industries. B) it is too simple, and simple theories are rarely as useful as more complex theories. C) the theory is inconsistent with observable relationships between marginal costs and prices. D) people who actually set prices do not describe the process as cost-plus.
Which of the following is not a factor of production?
a. labor hours b. capital equipment c. acres of cultivatable land d. money e. physical plant or factory