A price index is a measure of the average level of prices in an economy
a. True
b. False
Indicate whether the statement is true or false
True
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A cartel is an agreement
A) among firms to flood the market and eliminate competition. B) among firms to steal industrial processes from rival firms. C) among firms to decrease output and raise price. D) by the government to restrict imports.
Which of the following characterizes the market that Chipotle competes in?
A) "Fast-casual" restaurants sell identical products. B) All "fast-casual" restaurants face horizontal demand curves. C) Barriers to entry are low. D) There are a small number of firms.
Net exports are defined as:
A. GDP minus exports. B. exports plus imports. C. imports less exports. D. exports less imports.
Refer to Scenario 19.2 below to answer the question(s) that follow.SCENARIO 19.2: An individual earning $40,000 pays $3,200 in taxes. The marginal tax rate on any income earned above $40,000 is 20%.Refer to Scenario 19.2. When this person earns $40,000, her average tax rate is
A. 8%. B. 12.5%. C. 20%. D. indeterminate from this information.