Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The U.S. kiwifruit information asymmetry was reduced by advertising.
Answer the following statement true (T) or false (F)
False
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If government increases taxes by the same amount it increases government spending, there will be no effect on aggregate demand: the increase in government spending is offset by an equal decrease in consumption spending by households
Indicate whether the statement is true or false
Which term refers to provisions in a law or a contract whereby monetary payments are automatically adjusted whenever a specified price index changes?
a. Contango b. Swap c. Averaging d. Indexing
The price elasticity of demand for a commodity is determined primarily by the
a. size of the consumer surplus. b. availability of good substitutes for the good. c. incomes of consumers. d. availability of complementary goods.
The more the current price exceeds the equilibrium price, the:
A. smaller the resulting shortage will be. B. smaller the resulting surplus will be. C. greater the resulting surplus will be. D. greater the resulting shortage will be.