How do prices provide incentives in a competitive market?
a. Higher prices cause buyers to purchase less of a good or service.
b. Higher prices cause producers to make less of a good or service.
c. Lower prices result in buyers and sellers dropping out of the market.
d. Lower prices inspire buyers and sellers to become entrepreneurs.
a. Higher prices cause buyers to purchase less of a good or service.
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Economists use the government's tax revenue to measure the public benefit from a tax
a. True b. False Indicate whether the statement is true or false
If the data collected by policy makers overstate inflation, this is an example of
A. A goal conflict. B. An implementation problem. C. A design problem. D. A measurement problem.
Productivity is a key concept for measuring
A. average inflation rates. B. employment levels. C. the health and prosperity of an economy. D. aggregate production function.
The primary interest of firms engaging in offshoring is to find lower wages and to decrease production costs
Indicate whether the statement is true or false