Stagflation is a term that usually describes an economy experiencing:
A. high inflation coupled with low growth.
B. low unemployment rates and low inflation rates.
C. low inflation.
D. low inflation coupled with low growth.
Answer: A
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In the figure above, suppose a subsidy is provided to private colleges. What amount of subsidy will ensure the efficient number of students?
A) $10,000 B) $25,000 C) $15,000 D) $5,000 E) $20,000
A statement that is often used to describe demand-pull inflation is:
A. "Money is easily earned, but not easily saved." B. "Too much money chasing too few goods." C. "It's important to have some skin in the game." D. "A rising tide lifts all boats."
Consider the statement, "The number of hours you slept the night before a test affects your test grade." In this statement
A. both the number of hours slept and test grade are independent variables. B. the number of hours slept is the independent variable and test grade is the dependent variable. C. both the number of hours slept and test grade are dependent variables. D. the number of hours slept is the dependent variable and test grade is the independent variable.
If elasticity of demand is 0.1, a 1% increase in price will lower quantity demanded by
A. 0.01%. B. 0.1%. C. 1.0%. D. 10%. E. 100%.