Author Question: Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, ... (Read 123 times)

neverstopbelieb · **on:** Jun 30, 2018

Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:
a. pseudo-inflation.
b. demand-pull inflation.
c. cost-push inflation.
d. hyperinflation.

Question 2

Government expenditures as a share of the U.S. economy are:
a. the largest in the world.
b. the smallest in the world.
c. smaller than most Western European countries.
d. larger than Canada, France, and the United Kingdom but slightly smaller than Germany and Italy.