The government uses the HHI as a guideline to determine which proposed mergers are acceptable.
Answer the following statement true (T) or false (F)
True
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The graph shows the labor market for painters. The lower the wage rate, the ________ is the quantity of painters that firms demand and the ________ is the quantity of painters that households are willing to supply
A) greater; smaller B) greater; greater C) smaller; greater D) smaller; smaller E) None of the above answers is correct because both the demand and supply curves will shift in response to the change in the wage rate.
Personal income minus direct taxes is
a. disposable personal income b. net national income c. proprietors' income d. indirect business taxes e. savings income
If the dollar price of the English pound goes from $1.30 to $1.10, the dollar has
a. appreciated, and the English will find U.S. goods cheaper. b. appreciated, and the English will find U.S. goods more expensive. c. depreciated, and the English will find U.S. goods cheaper. d. depreciated, and the English will find U.S. goods more expensive.
The income effect isolates the change in the consumption of a good caused by the change in:
A. consumer preferences. B. "real" income. C. the relative prices of two goods. D. None of the statements is correct.