Stagflation is the combination of
A) inflation and increasing real GDP.
B) deflation and recession.
C) inflation and recession.
D) deflation with increasing real GDP.
C
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Almost all economists support protectionist policies because protection
A) saves jobs. B) prevents rich countries from exploiting poorer countries. C) is a good way for governments in developed nations to raise revenue. D) Economists would not support any of the above reasons.
Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firm's
A) accounting profit was $6,000, and its economic profit was $0. B) accounting and economic profits were both $0. C) accounting profit was $1,000, and economic profit cannot be determined. D) accounting profit was $1,000, and economic profit was $0.