Upstream and downstream refer to the degree of horizontal integration
Indicate whether the statement is true or false
False
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Which of the following statements is not related to the price controls that existed during World War II?
a. Price ceilings facilitated the formulation of black markets for automobiles. b. A black market for meat formed, referred to as "meat-easies," due to a price ceiling on meat. c. Price ceilings created an excess demand of consumer durable goods. d. Despite price ceilings, hidden price increases were realized through deterioration in the quality of goods.
Which of the following statements about the circular-flow diagram is correct?
a. One must imagine that the economy operates without money in order to make sense of the diagram. b. The diagram leaves out details that are not essential for understanding the economic transactions that occur between households and firms. c. The government cannot be excluded as a decision maker in a circular-flow diagram. d. All of the above are correct.
If the quality of a good improves while its price remains the same, then the value of a dollar
a. rises and the cost of living increases. b. rises and the cost of living decreases. c. falls and the cost of living increases. d. falls and the cost of living decreases.
As the price level rises
a. people are more willing to lend, so interest rates rise. b. people are more willing to lend, so interest rates fall. c. people are less willing to lend, so interest rates fall. d. people are less willing to lend, so interest rates rise.