Use the above figure. Refer to the above diagram where curves (a) through (d) are for four different countries. Income is equally distributed in

When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is

A) stagflation. B) inflation. C) aggregate shifts. D) stagnation.

Which of the following represents the most valuable resource sold by most households in 2009?

a. Land b. Labor c. Capital d. Entrepreneurial ability