The GDP deflator is the best measure that reflects the prices of goods and services purchased by the typical household
Indicate whether the statement is true or false
FALSE
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Is it possible for the average fixed cost curve to have the shape depicted above? Explain
What will be an ideal response?
In order to prove that Coca Cola and 7-Up are substitutes, one should test the __________ and get a __________
a. price elasticity of demand; number less than negative 1 b. income elasticity; positive number c. cross-price elasticity; negative number d. price elasticity of demand; number greater than negative 1 e. cross-price elasticity; positive number
Bequest saving is saving:
A. for protection against unexpected setbacks, such as the loss of a job or a medical emergency. B. to meet long-term objectives, such as retirement, college attendance, or the purchase of a home. C. for the purpose of leaving an inheritance. D. done in anticipation of sales or bargain in the future.
You do some research and find for a driver of your age and gender the probability of having an accident that results in damage to your automobile exceeding $100 is 1/10 per year. Your auto insurance company will reduce your annual premium by $40 if you will increase your collision deductible from $100 to $250. Should you? Explain.
What will be an ideal response?