In general terms describe trends in the inflation rate, considering the period since 1953 . How are these trends related to movements in the inflation rate over this period?
What will be an ideal response?
Trend inflation rose steadily in the 1950s and 1960s, then rose dramatically during the 1970s. Beginning in the early 1980s, inflation fell precipitously until 1987, then has remained relatively constant around 2% since.
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Which of the following is a normative economics statement?
a. An increase in the minimum wage will reduce teenage employment. b. Increasing the minimum wage will result in more votes for progressive candidates. c. Raising the minimum wage would greatly increase labor costs in certain industries. d. Raising the minimum wage is a poor idea because living wage laws are better.
Another term for intermediaries who specialize in reducing transaction costs is
A) service providers. B) consultants. C) middlemen. D) revenue agents.