The declining price of oil is deflation
a. true
b. false
Ans: b. false
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Given the information in Scenario 4.3, erasers and good b, are:
A) substitutes. B) complements. C) completely unrelated. D) normal. E) inferior.
The key to assessing the direction of discretionary fiscal policy is to observe changes in the cyclically adjusted deficit.
Answer the following statement true (T) or false (F)
In a binding situation, a positive cost shock will cause ________ in output and ________ in the price level.
A. no change; no change B. a decrease; no change C. no change; an increase D. a decrease; an increase
Which of the following is the so-called efficiency factor of economic growth?
A. Having an efficient financial system B. Reaching full production potential C. Having free trade D. Enhanced quantity and quality of human resources