Economic

Inflation is defined as: 

• A decrease in prices over time

• An increase in prices over time

•  No change in prices over time 

• A decrease in the money supply

Which of the following is NOT a characteristic of a perfect competition market structure?

• many buyers and sellers 

• easy entry and exit 

• homogenous products 

•  high barriers to entry

Which market structure has a few large firms dominating the industry?

•  perfect competition 

• monopolistic competition

• oligopoly

• monopoly

Which of the following is not a non-price determinant of supply?

• Income

• Taxes

• Expectations of producers

• number of seller

Which of the following will cause a leftward shift to the supply curve?

• An increase in supply due to government subsidy

• An increase in supply due to the increase in prices

• An decrease in supply due to the decrease in prices

• An decrease in supply due to future expectations

How is inflation measured?

List all the types of unemployment. Define one.

What are the phases of the business cycle? Define them.

What is an economic depression? Explain.

State the unemployment rate calculation formula