The poverty rate for the elderly has declined noticeably since the mid 1960s
Indicate whether the statement is true or false
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If the price level increases from 200 in year 1 to 220 in year 2, the rate of inflation from year 1 to year 2 is
A) 20%. B) 10%. C) 11%. D) 120%.
In the classical model, a self-regulating market would
a. eliminate shortages or surpluses through price changes. b. eliminate shortages but not surpluses. c. render Say’s Law invalid. d. occur only in a labor market.
Suppose that the elasticity of demand for newspapers is 2.0 and quantity demanded decreases by 40%. What must the percentage increase in price have been?
A. 2% B. 20% C. 80% D. 200%
A simple rule for dealing with a complex situation which provides a "fast and frugal" decision is a:
A. present bias. B. dopamine reaction. C. heuristic. D. cognitive response.