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question 15

Multiple Choice

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• A)is difficult to own.
• B)is never a separate attribute of a product.
• C)is easy to connect to physical product.
• D)is not scarce in the knowledge economy.

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Definitions:

Inflation

The tempo of growth in global prices for products and services, diluting consumer spending ability.

World Price of Oil

The universally recognized current price at which a barrel of oil can be bought or sold for immediate delivery across global markets.

Aggregate-supply Curve

A curve showing the total quantity of goods and services that producers in an economy are willing to supply at various price levels.

Phillips Curve

A concept in economics that demonstrates an inverse relationship between the rate of unemployment and the rate of inflation.