Each firm under monopolistic competition produces a unique product which does not have a close substitute
a. True
b. False
Indicate whether the statement is true or false
False
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Monetarists assume that people form their expectations only by
a. looking forwards b. looking backwards. c. using all available information. d. using publicly available forecasts.
If the U.S. government determines that the cost of feeding an urban family of four is $5,200 per year, then the official poverty line for a family of that type is
a. $10,400. b. $15,600. c. $20,800. d. $26,000.
Which of the following statements is true?
a. Even if we know the values of the consumer price index for the years 2009 and 2010, we cannot calculate the inflation rate for 2010 if we do not know which year is the base year. b. If we know the base year is 1990, and if we know the value of the consumer price index for the year 2010, then we have all the information we need to calculate the inflation rate for 2010. c. If we know the base year is 2000, and if we know the value of the consumer price index for the year 1995, then we have all the information we need to calculate the inflation rate for 1995. d. If we know the base year is 2000, and if we know the value of the consumer price index for the year 1995, then we have all the information we need to calculate the percentage change in the cost of living between 1995 and 2000.
Advertisers go to great lengths to build brand loyalty because
A. it makes their product more elastic. B. it makes their product more inelastic. C. it shifts its supply curve to the right. D. it shifts its demand curve to the left.