Stagflation occurs when
A) inflation rises and GDP rises.
B) inflation falls and GDP rises.
C) inflation rises and GDP falls.
D) inflation falls and GDP falls.
Answer: C
Economics
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The quantity of real GDP produced by one hour of labor is defined as
A) the advance in technology. B) economic growth. C) the growth rate of technology. D) real GDP per person. E) labor productivity.
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In the model of monopolistic competition, if firms have ________ average cost curves, then opening trade will cause ________ firms to ________ the industry
A) different; less efficient; exit B) different; more efficient; enter C) symmetric; less efficient; exit D) symmetric; more efficient; enter E) symmetric; less efficient; enter
Economics