Which of the following services have experienced declines in relative prices due to productivity increases?
A. Medical services
B. Restaurant meals
C. Theatrical performances
D. Internet access services
Answer: D
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As the U.S. price level increases, expenditures by which of the following will remain unaffected?
A. Consumers B. Businesses C. Government D. The rest of the world
What happens to aggregate supply when production costs adjust completely to price increases?
a. Both equilibrium output and prices increase b. Only prices rise; equilibrium output remains fixed c. Only equilibrium output rises; equilibrium prices remain fixed d. Equilibrium output falls while prices rise e. Both equilibrium output and prices remain fixed
Which of the following might explain a decrease in national saving when the tax rate on savings is reduced?
a. its income effect on saving and its effect on the government budget b. its income effect on saving but not its effect on the government budget c. its effect on the government budget but not its income effect on saving d. neither its income effect on saving nor its effect on the government budget
In order to calculate the HHI, the government must first define the relevant market.
Answer the following statement true (T) or false (F)