________ is an increase in the price level, while ________ is an increase in the price of one good in comparison to other goods and services.
A. Hyperinflation; inflation
B. Inflation; hyperinflation
C. Inflation; a relative price increase
D. A relative price increase; inflation
Answer: C
Economics
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If workers and firms raise their inflation expectations
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) actual inflation will fall to match expected inflation. D) the short-run Phillips curve will shift upward.
Economics
Price elasticity of demand is calculated as the change in price divided by the change in quantity demanded.
Answer the following statement true (T) or false (F)
Economics