Critics of advertising make which of the following claims about advertising? i. It often creates "needs" for trivial products. ii. It manipulates people's tastes. iii. It uses scarce resources and raises costs
a. (i) and (ii) only
b. (i) only
c. (ii) only
d. (i), (ii), and (iii)
d
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If the price of motel rooms increases by 10% while the prices of other goods and services increase by 5% on average, the relative price of motel rooms has:
A. decreased by 5%. B. decreased by 10%. C. increased. D. remained constant.
Refer to the above table. If opportunity costs are constant and both countries produce only the goods for which they have comparative advantages and then trade, hourly world output would equal
A) 4 units of product A and 4 units of product B. B) 8 units of product A and 4 units of product B. C) 8 units of product A and 8 units of product B. D) 12 units of product A and 8 units of product B.
The time required _____ is not a time lag associated with using discretionary policy to correct an economic problem
a. to recognize the problem b. to decide how to handle the problem c. to set a policy change in action d. for a policy to affect economic variables e. to observe public reaction after a policy announcement is made
Other things the same, a lower real interest rate decreases the quantity of
a. loanable funds demanded.
b. loanable funds supplied.
c. domestic investment.
d. net capital outflow.