Money allows people to specialize in what they do best, thereby raising everyone's standard of living
a. True
b. False
Indicate whether the statement is true or false
True
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The Lithuanian tax rate for all citizens' income is 24 percent and in Estonia, the tax rate is 21 percent. Lithuanian and Estonian income tax systems are examples of ________ taxes
A) proportional B) progressive C) regressive D) equality
Which of the following is true of a perfectly competitive market?
a. If economic profits are earned then the price will fall over time. b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC. c. A constant-cost industry exists when the entry of new firms has no effect on their cost curves. d. All of these.
Which of the following describes the accuracy of the Consumer Price Index?
A) Changes in the CPI overstate the true rate of inflation. B) Changes in the CPI understate the true rate of inflation. C) Changes in the CPI are unrelated to the true rate of inflation. D) Changes in the CPI accurately reflect the true rate of inflation.
The real rate of interest
A) is equal to the nominal rate when Y equals YN. B) is equal to the nominal rate minus the rate of inflation. C) is equal to the nominal rate plus the rate of inflation. D) is never negative.