Nominal values are values measured in terms of the prices at which goods and services are actually sold
a. True
b. False
Indicate whether the statement is true or false
True
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Between the 1970's and 1998, immigrants:
A. Were more likely to receive public assistance than people born in the United States B. Were less likely to receive public assistance than people born in the United States C. Were just as likely to receive public assistance as people born in the United States D. Did not qualify for public assistance
Which of the following is most necessary for a monopolist to survive in the long run?
A) a legal protection from entry B) a perfect product C) a brilliant Chief Operating Officer D) an excellent marketing campaign
Which of the following is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world?
a. Perfectly competitive markets are the easiest to analyze because everyone participating in the market takes the price as given by market conditions. b. Some degree of competition is present in most markets. c. There are many buyers and many sellers in all types of markets. d. Many of the lessons that we learn by studying supply and demand under perfect competition apply in more complicated markets as well.
Refer to the budget line shown in the diagram above. Given the same money income, reductions in the prices of both products C and D will:
A) shift the budget line outward on the horizontal axis, but leave it anchored at "10" on the vertical axis. B) shift the budget line to the left. C) shift the budget line to the right. D) have no effect on the budget line.