A year over year ________ in the buying power of money means that definitely ________ from one year to the next
A) decrease; the price level increased
B) increase; inflation increased
C) decrease; inflation increased
D) increase; the price level increased
E) Both answers A and C are correct.
A
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An industry whose total output can be increased without a change in long-run per-unit costs is a(n)
A) increasing-cost industry. B) constant-cost industry. C) break-even cost industry. D) decreasing-cost industry.
What is meant by an asset bubble?
Stagflation is the typical result of adverse shifts in the aggregate supply curve.
Answer the following statement true (T) or false (F)
The study of public choice theory involves the economic analysis of the following, except:
A. Government decision-making B. Actions by elected officials C. Impact of budget deficits on the public debt D. Voting and elections