The ISO 9000 family of quality management and assurance procedures improve exchangeability by lowering the cost of obtaining information about the goods to be traded and the counterparties with whom individuals might trade

Why is a period of stagflation part of the normal aftermath of a period of excessive aggregate demand?

If the minimum wage increased, then at any given rate of inflation

a. both output and employment would be higher. b. neither output nor employment would be higher. c. output would be higher and unemployment would be lower. d. output would be lower and unemployment would be higher.