If the price level were to rise from 160 to 200, in what direction and by how much would the value of a dollar change?
The value of a dollar would fall by 25%.
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Which statement is consistent with the economic way of thinking?
A) Politicians seek to advance their own interests. B) Politicians are not only concerned with money and material goods. C) Politicians do not necessarily pursue narrow or selfish goals. D) All of the above. E) None of the above.
In the long-run, a monopolist charges the same price as a perfectly competitive firm.
Answer the following statement true (T) or false (F)
State income tax revenues are much less than sales tax revenues.
Answer the following statement true (T) or false (F)
All of the following statements are correct EXCEPT:
A. Economies grow steadily over time. B. There are unemployed people even during expansions. C. A trade surplus exists when a country exports more than it imports. D. Unemployment increases during recessions.