A fall in the price of a competing product will produce an outward shift in the demand curve for most products
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following should be used to compare the incomes of countries with equal population but different unemployment rates?
A) Gross national product B) PPP-based measure of income per capita C) Income per worker D) Exchange rate-based measure of income per capita
Hyperinflation refers to an inflation rate which exceeds 5 percent per month
Indicate whether the statement is true or false
When a firm's average revenue falls, the marginal revenue also falls and is less than the average revenue
a. True b. False Indicate whether the statement is true or false
Economic theory predicts that people make choices in a manner that
A) makes them well liked by others. B) makes them better off. C) reflects the fact that resources are unlimited. D) shows that they do not respond to monetary incentives.