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Author Question: If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the ... (Read 91 times)

daltonest1984

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on: Jun 29, 2018
If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the short run, the economy would experience
 
  A) an increase in the natural rate of unemployment.
  B) stagflation.
  C) long-run economic decline.
  D) hyperinflation.

Question 2

What does it mean for a good to be non-rival in consumption?
 
  What will be an ideal response?


Smiles0805

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A good is non-rival in consumption if one person's enjoyment of the benefits of the good does not interfere with another's consumption.


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