The purchasing power of the dollar
A. has remained unchanged in the last 20 years.
B. has been rising in the United States since 1945.
C. increases as the price of basic goods and services increases.
D. is the amount of goods and services that can be purchased with the dollar.
Answer: D
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An oligopoly is a market situation in which
A) there are many firms producing differentiated products. B) there is a single firm producing several varieties of a product. C) all the sellers act independently of the others. D) there are very few sellers and they recognize their strategic dependence on one another.
The deadweight loss associated with output less than the competitive level can be determined by
A) subtracting the competitive level producer surplus from the producer surplus associated with less output. B) subtracting the consumer surplus from the producer surplus associated with less output. C) summing the consumer and producer surplus associated with less output. D) summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output.
If the price of X falls, the budget constraint
a. shifts outward in a parallel fashion. b. shifts inward in a parallel fashion. c. rotates outward about the X-intercept. d. rotates outward about the Y-intercept.
In general, the more complex the tax the:
A. more tax revenues it will generate. B. more efficient it will be. C. higher the administrative burden will be. D. more deadweight loss it will create.