As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will rise
Indicate whether the statement is true or false
TRUE
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When calculating the CPI, the Bureau of Labor Statistics
A) makes certain to weight the goods and services equally so that no one product is over-weighted. B) weights the price of all goods and services produced in a year within a country's borders. C) sums the prices of the goods and services in the average urban household consumption basket. D) weights the price of goods and services in the basket relative to the importance of the average urban household budget. E) multiplies by 100 the average price of goods and services in the average urban consumer's basket.
A. Distinguish between a tariff and a quota
b. In what ways are tariffs and quotas similar? c. In what ways are tariffs and quotas different? d. Why might a foreign producer prefer a quota rather than a tariff?
When government spending is added to the basic macroeconomic model, the multiplier for G would
a. be higher than the multiplier for autonomous spending. b. be lower than the multiplier for autonomous spending. c. be equal to the multiplier for autonomous spending. d. have no relationship to the autonomous spending multiplier.
An increase in the price level means that a dollar buys __________ goods and services so the value of a dollar __________
Fill in the blank(s) with correct word