What is creeping inflation?
a. Inflation that continues to rise but slowly.
b. Inflation that suddenly appears without warning.
c. Price levels that suddenly rise without warning.
d. Price levels that continue to rise but slowly.
e. Inflation that suddenly appears and creates panic.
D
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As a result of advances in technology, cellular telephones have become cheaper to produce. Illustrate the effect of this change on the market for cellular telephones
What will be an ideal response?
A problem encountered when implementing an "infant industry" tariff is that
A) domestic consumers will purchase the foreign good regardless of the tariff. B) the industry may never "mature." C) most industries require tariff protection when they are mature. D) the tariff may hurt the industry's domestic sales. E) the tariffs fail to protect the domestic producers.