An industry supply curve is the horizontal summation of the supply curves of all of the individual firms
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose a record company produces both swing and rhythm & blues music. An increase in the market demand for swing music therefore tends to
A) increase the demand for rhythm & blues music. B) increase the cost of producing rhythm & blues music. C) decrease the cost of producing rhythm & blues music. D) leave the cost of producing swing music unchanged.
The U.S. personal saving rate ________
A) is much higher than the percentage the Chinese citizens save B) is higher than the saving rate of most countries C) cannot fall below zero D) increased by a factor of five every year since the 1970s E) none of the above
If the redistributive character of the tax system is measured by looking at the additional taxes paid by high-income individuals and reduction in taxes to low-income individuals, the dollar amount of redistribution will be _____
a. overestimated b. underestimated c. estimated correctly d. estimated improperly, possibly over or under
If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the inflation rate from 2013 to 2014 is
A. (100-90.9)/100*100%=9.1%. B. (110-100)/100*100%=10%. C. (100-100)/100*100%=0%. D. unknown given this data.