Ongoing inflation has its own momentum because
a. prices rise whenever firms see other prices rising
b. the public learns to expect inflation and adjusts its decisions in response
c. public officials are unwilling to stop prosperity
d. more and more people now have jobs
e. we are always playing catch up, trying to get what we lost when others raise prices
B
Economics
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Refer to the diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. With a per-unit tariff in the amount P c P t , price and total quantity sold will be:
A. P t and x.
B. P c and z.
C. P t and y.
D. P a and x.
Economics
The trade balance is:
A. exports less imports. B. sum of imports and exports. C. imports less exports. D. total trade this year less total trade last year.
Economics