Related to the Economics in Practice on page 125: A reduction in the salience of prices should ________ consumer responses to price increases.
A. not change
B. completely eliminate
C. increase
D. reduce
Answer: D
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If the U.S. government places tariffs on imports from countries that have been accused of deliberately undervaluing their currencies, the price of these imports will ________ and the demand for the undervalued currency will ________
A) rise; fall B) fall; rise C) rise; rise D) fall; fall
Which macroeconomic model dominated macroeconomic analysis from the early post-World War II era until the late 1960s?
a. The monetarist model b. The Keynesian model c. The classical model d. The new classical model e. None of the above
A tax that does not change consumers’ behavior creates no
A. economic burden. B. excess burden. C. tax revenue. D. tax incidence.
In the United States, inflation peaked around
A. 1973. B. 1980. C. 1982-1984. D. 1929.