The larger the group, the more diffuse responsibility is
Indicate whether the statement is true or false
TRUE
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If consumers purchase fewer of those products that increase most in price and more of those products that decrease in price as compared to the CPI basket, then
A) changes in the CPI are unrelated to the true rate of inflation. B) changes in the CPI understate the true rate of inflation. C) changes in the CPI overstate the true rate of inflation. D) changes in the CPI accurately reflect the true rate of inflation.
The process by which productivity raises the average standard of living is referred to as
A) long-run economic growth. B) labor productivity. C) population growth analysis. D) the economic prosperity hypothesis.
Competition can be beneficial in the public sector because _____
a. it leads to governments going out of business b. comparison gives some clue as to whether a government is operating efficiently c. it eliminates a prisoners' dilemma problem d. a and c
If an excise tax is placed on a product that has a price elasticity of demand equal to zero, then the
a. entire tax will be paid by the consumer b. entire tax will be paid by the producer c. consumer and producer will each pay a share of the tax d. incidence of the tax cannot be determined unless we know the coefficient of price elasticity of supply e. tax is progressive