Questions:
Question 1
Which of the following best describes when the economy is experiencing inflation? When
Question 2
Technological change in an industry that historically required specific labor skills will lead to
Question 3
A useful measure of the size of the workforce, that is, the number of individuals who are willing and able to work, is
Question 4
If inflation causes the demand for houses to increase more rapidly than the demand for other goods, the economy has experienced which effect
of inflation?
Question 5
In an economy like that of the US, due to a variety of institutional and social factors, wages tend to be
Question 6
Which price index is also known as the cost-of-living index?
Question 7
The psychological law of consumption tells us the marginal propensity to consume will be
Question 8
The effects of inflation on the distribution of income are called
Question 9
In the circular flow diagram, economic units are classified as
Question 10
Aggregate demand
Question 11
The Phillips curve depicts the relationship between
Question 12
The determinants of aggregate supply are
Question 13
Which of the following is most likely be hurt by inflation?
Question 14
People who are unemployed due to a downturn in economic activity are classified in the category of
Question 15
If inflation stimulates production and employment, the economy experiences which of the following effects of inflation?