Signals are
A) used by economic decision-makers to inform others about their plans.
B) the method by which government planners inform economic decision-makers about the types of decisions they should make.
C) the method by which firms determine their profit maximizing quantity.
D) compact ways of conveying to economic decision makers information needed to identify industries where more resources are needed.
Answer: D
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Which of the following statements about the CPI is (are) correct?
i The only significant bias in the CPI is the commodity substitution bias. ii. The CPI probably overstates inflation by 1.1 percentage points a year. iii. As far as the bias in the CPI is concerned, the new goods bias and the outlet substitution biases are irrelevant. A) i only B) ii only C) iii only D) i and iii E) i and ii
A market is perfectly competitive if
A) each firm in it can influence the price of its product. B) there are many firms in it, each selling a slightly different product. C) there are many firms in it, each selling an identical product. D) there are few firms in the market.
In a perfectly competitive market, buyers and sellers are price setters
a. True b. False Indicate whether the statement is true or false
Points inside (below) the production possibilities frontier (PPF) are
A) unattainable. B) attainable, but productive inefficient. C) preferable to points that lie on the PPF. D) attainable and productive efficient.