If the market for a product is narrowly defined, then there are likely to be many substitutes for the product and the demand for the product is relatively elastic
Indicate whether the statement is true or false
TRUE
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If the base year CPI basket costs $250 and next year the CPI basket costs $275, what is next year's CPI?
What will be an ideal response?
The advantage of a nominal anchor is that it prevents a limitless rise in the
A) national debt. B) nominal interest rate. C) inflation rate. D) unemployment rate.
(Scenario: Growth Rates) Look at the scenario Growth Rates. According to the rule of 70, how large will China's real GDP per capita be in 20 years?
What will be an ideal response?
Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in Alaska. That year, Professor Simpson would be officially counted as
A. employed. B. structurally unemployed. C. not in the labor force. D. frictionally unemployed.