The basic function of advertising, according to its proponents, is to assist consumers in making informed, rational choices.
Answer the following statement true (T) or false (F)
True
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The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is
A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.
The demand for a new effective drug for the cure of AIDS would most likely be
A. elastic. B. unit elastic. C. perfectly elastic. D. highly inelastic.
Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts
A) an increase in the cost of production. B) an increase in output. C) an increase in labor usage holding capital and output constant. D) a change in preferences with regards to input usage.
The value of consumption at each level of disposable personal income, all other determinants of consumption unchanged, is shown by the:
a. aggregate dissaving curve. b. consumption function. c. investment schedule. d. savings function.