A combination of high inflation and recession, usually resulting from a supply shock, is known as
A) hyperinflation.
B) disinflation.
C) stagflation.
D) depression.
C
Economics
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Refer to Table 4-4. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 380,000 B) W = $10.00; Q = 390,000 C) W = $8.00; Q = 350,000 D) W = $8.50; Q = 340,000
Economics
When demand is elastic, a decrease in price will
A) decrease total revenue. B) not change total revenue. C) increase total revenue. D) reduce quantity demanded.
Economics