The statement "It would be better to put up with price controls than to have continuing higher medical care prices" is an example of normative economic analysis
a. True
b. False
Indicate whether the statement is true or false
True
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If both the market for a firm's output and the market in which it hires its labor are perfectly competitive, the firm's labor demand curve will be perfectly elastic
a. True b. False
Cities and towns frequently establish fire departments because fire-fighting is viewed as a merit good
Indicate whether the statement is true or false
Corporate profits
a. rise during inflation causing corporate taxes collected to rise b. rise during inflation causing corporate taxes collected to fall c. fall during inflation causing corporate taxes collected to rise d. fall during inflation causing corporate taxes collected to fall e. and corporate taxes are unrelated so that it is impossible to tell what happens to corporate taxes when corporate profits change
Individual banks always respond quickly and significantly to changes in the discount rate
a. True b. False Indicate whether the statement is true or false