During inflationary periods
a. all prices rise at the rate of inflation.
b. real wages must necessarily decline.
c. some prices may fall.
d. relative prices do not change.
c
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The percentage of deposits that banks must hold as reserves is called the
A) percentage rate. B) required reserve ratio. C) Fed rate. D) discount rate.
"Mandating longer sentences for any criminal's third arrest will lead to a reduction in crime. Less crime will reduce the number of police officers cities will hire." This quotation: a. contains positive statements only
b. contains normative statements only. c. contains both normative and positive statements. d. contains neither normative nor positive statements.
If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes
a. True b. False Indicate whether the statement is true or false
In which antitrust case did the Supreme Court begin to apply the per se rule to determine whether a firm was in violation of the Sherman Antitrust Act?
A. The Standard Oil case. B. The Alcoa case. C. The IBM case. D. The MIT case.