Which of the following statements concerning the history of U.S. inflation is not correct?
a. Prices rose at an average annual rate of about 3.6 percent over the last 80 years.
b. There was about a 17-fold increase in the price level over the last 80 years.
c. Inflation in the 1970s was below the average over the last 80 years.
d. The United States has experienced periods of deflation.
c
Economics
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Let the production function be q = ALaKb. The function exhibits increasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.
Economics
Refer to Figure 8.9. This farmer's profit-maximizing level of output is __________ units of output. A) 100 B) 350 C) 500 D) 700
Economics