Refer to the information provided in Table 22.6 below to answer the question(s) that follow.
Table 22.6
Refer to Table 22.6. If 2014 is the base year, the inflation rate between 2014 and 2016 is
A. 40.2%.
B. 28.7%.
C. 25.1%.
D. 17.4%.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. In a contestable market with room for many firms, industry output will be the same as in a successful cartel. 2. The Cournot oligopoly model is based on the assumption that firms treat their rivals' output as fixed and given. 3. Firms' total output is higher in the Cournot oligopoly model than in the Bertrand oligopoly model. 4. In both competition and monopolistic competition, free entry and exit guarantee that the industry's output is produced at the least possible cost. 5. Social welfare would be increased if a monopolistically competitive industry were replaced with a competitive industry.
If the Ricardian equivalence proposition is correct, then an increase in the deficit will lead to
A) an increase in private saving. B) a decrease in investment spending. C) a lower standard of living in the future. D) all of the above E) none of the above
U.S. sugar quotas cost each person in the U.S. thousands of dollars per year due to higher prices
Indicate whether the statement is true or false
Refer to the above table. Suppose the price of a movie is $5 and the income of the consumer is $29. What are the quantities demanded of hamburger at prices of $2 and $1 respectively?
A. 0; 1 B. 1; 2 C. 3; 5 D. 2; 4