If Armenia can produce rugs more efficiently than any other country, it does not necessarily benefit from producing rugs for international trade
a. True
b. False
A
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To measure the CPI, the BLS economic assistants check the prices of
A) all the goods and services produced in a given year. B) some of the consumer goods but none of the services produced in a given year. C) about 80,000 goods and services each month. D) about 80,000 goods and services each quarter. E) only the prices of the goods and services whose prices have changed.
If a large number of individuals file unemployment claims while working in the underground economy: a. the unemployment rate overstates the level of unemployment
b. the unemployment rate understates the level of unemployment. c. the accuracy of the unemployment rate is not affected. d. discouraged worker statistics will underestimate the true state of frustration by job seekers.
A firm’s total revenue is simply the price of its product multiplied by the quantity sold.
Answer the following statement true (T) or false (F)
Buyers of a product will bear the larger part of the tax burden, and sellers will bear a smaller part of the tax burden, when the
a. tax is placed on the sellers of the product. b. tax is placed on the buyers of the product. c. supply of the product is more elastic than the demand for the product. d. demand for the product is more elastic than the supply of the product.