The rate of inflation measures the change in the relative prices of the goods and services produced in the macroeconomy over a specified period of time
Indicate whether the statement is true or false
FALSE
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In the Keynesian model, planned investment is inversely related to
A) the interest rate. B) the level of income. C) the wage rate. D) the tax rate.
If the number of close substitutes of a good increases, _____
a. the elasticity of demand for the good decreases b. the elasticity of demand for the good increases c. the elasticity of demand for the good becomes zero d. the elasticity of demand for the good remains unaffected
If P = Q/15 represents market supply for a competitive industry and market demand is given by Qd = 500 - 10P, the equilibrium quantity is:
A. 250. B. 187.5. C. 300. D. 150.
A perfect competitor produces a(n) __________ product and has __________ competitors.
Fill in the blank(s) with the appropriate word(s).