Inflation distorts the operation of our tax and financial system
Indicate whether the statement is true or false
TRUE
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The amount by which consumption increases when disposable income increases by $1 is called:
A. the consumption function. B. autonomous expenditure. C. an automatic stabilizer. D. the marginal propensity to consume.
The median voter theorem states that:
A. politicians choose policies that, on average, generate more benefits than costs for the average voter. B. the median voter tends to be the most informed voter. C. candidates whose policies reflect the preferences of the median voter are more likely to win an election. D. political success depends on candidates taking positions that are either to the right or to the left of the political center.
If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500 b. 3,525 c. 7,725 d. 10,000
Prohibiting price increases in situations of true scarcity could best be described as
A. interfering with the “law” of supply and demand. B. thwarting the “law” of increasing returns to scale. C. violating the “law” of increasing cost. D. interfering with the “law” of diminishing marginal utility.