Small differences in economic growth rates translate into significant differences in living standards.
Answer the following statement true (T) or false (F)
True
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A 10 percent increase in the cost of restaurant meals, which are a luxury, will most likely
A. increase the purchase of meals by 10 percent. B. increase the purchase of meals by less than 10 percent. C. decrease the purchase of meals by more than 10 percent. D. decrease the purchase of meals by less than 10 percent.
A worldwide system of fixed exchange rates was organized and maintained under the International Monetary Fund
A) in the three decades before World War I. B) in the years between the world wars. C) from the end of World War II until the early 1970s. D) from the early 1960s to the late 1980s.
A tax on a specific good or service is called an ad valorem tax
a. True b. False
Suppose TC = 10 + (0.1 ? q2). If there are 100 identical firms in the market, the market supply curve is
A) Q = 1000 ? p. B) Q = 500 ? p. C) Q = 100 ? p. D) Q = 10.