Deflation began in the year _____.
2020
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Which of the following describes the relationship among market price (P), average revenue (AR), and marginal revenue (MR) for a firm in monopolistic competition
a. P = AR = MR b. P > AR = MR c. P = AR > MR d. P > AR > MR e. P = AR < MR
Inheritance taxes tend to increase income inequality in the long run
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT an assumption of the classical model?
A. Pure competition exists. B. Wages and prices are flexible. C. Inflation will lead to money illusion. D. People are motivated by self-interest.
The U.S. personal savings rate for the first quarter of 2012 dropped to its lowest level since the start of the recession. Americans stashed away 3.6 percent of personal income in the first quarter, down from 4
2 percent in the fourth quarter and a near-term peak of 6.2 percent in the second quarter of 2009. Which of the following could explain this drop in savings? A) a decrease in wealth from a fall in stock prices B) a rise in the real interest rate C) an increase in disposable income as the job market recovers D) a rise in consumer confidence that their incomes will be higher in the future