A major element of the concepts of inflation and deflation is
A) the idea that price changes are measured daily.
B) their dependence on average rather than individual prices.
C) the requirement that ALL prices must be moving in the same direction.
D) each household's willingness to report what they pay for goods and services each month.
B
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Refer to the scenario above. Suppose a new legislative policy decreases the fine for speeding to $50. A reduction in the fine to $50:
A) makes it profitable for you to bribe. B) makes it profitable for Joe to bribe. C) changes the outcome of the game. D) will not change your dominant strategy.
Emission charges, user fees, and pollution fines increase the ________ of polluting.
A. external costs B. opportunity cost C. market failure D. optimal rate
Exhibit 11-12 A monopsonist
In Exhibit 11-12, a profit-maximizing firm faced with this labor market will hire ____ workers and pay a wage of ____.
A. 60; $35 B. 60; $25 C. 60; $27 D. 70; $30
The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this
What will be an ideal response?