Advertising provides consumers with product information and can promote competition. Thus, it is always welfare enhancing.
Answer the following statement true (T) or false (F)
False
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Over the past 100 years, in the United States the average growth rate of ________ grew at a faster rate than ________
A) real GDP; nominal GDP B) the population; real GDP C) real GDP; the population D) inflation; real GDP
Employing Figure 3-1 above, autonomous consumption expenditures are ________, and the marginal propensity to consume is ________
A) 200; 0.75 B) 500; 1 C) 200; 0.60 D) 0; 1
Theoretically, a tariff imposed to protect an infant industry should be removed
a. within five years. b. when the industry becomes sufficiently diversified. c. when prices charged reflect production costs. d. when the industry has matured.
In the AD/AS model, the aggregate demand for goods and services is composed of the purchases made by
a. households and foreigners (net exports). b. businesses, bondholders, and foreigners (net exports). c. businesses and governments. d. consumers, investors, governments, and foreigners (net exports).