Front

Inflation can best be defined as...

Back

A general increase in prices.

Front

Inflation is most likely to occur during which phase of the business cycle?

Back

Expansion

Front

This type of inflation occurs when an increase in the in production costs are passed on to the consumer.

Back

Cost Push Inflation

Front

This type of inflation occurs when the demand for products is greater than the supply of products.

Back

Demand pull inflation

Front

What causes cost push inflation?

Back

A rise in production costs passed on to consumers

Front

When inflation is high, the _______________ of the dollar decreases.

Back

purchasing power

Front

Who does Inflation hurt?

Back

All of the above (People with a fixed income, Savers, Money Lenders at fixed interest rates)

Front

Who among the following would be considered as unemployed?

• A college student of legal age to work but who is still in school full time.
• An entrepreneur in the process of starting a new business.
• A secretary who was laid-off from work & is looking at job ads
• A housewife taking care of three children.

Back

A secretary who was laid-off from work & is looking at job ads

Front

Unemployment is most likely to occur during an economic expansion.

Back

False

Front

The phase of a business cycle in which unemployment is at the lowest level is a ________________.

Back

expansion