The greater the elasticity of demand, the smaller the deadweight loss of a tax
a. True
b. False
Indicate whether the statement is true or false
False
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In the above figure, the axis break in the x-axis
A) reflects the fact that for the years covered in the figure, the unemployment rate was never less than 3 percent. B) shows that there is no relationship between inflation and unemployment. C) misleadingly shows that inflation has changed very little even though the unemployment rate has increased a great deal. D) implies that for the years covered in the figure, the inflation rate was always greater than 1 percent.
The GDP deflator represents a somewhat ____ measure of prices that the CPI and the GDP deflator tends to be ____ volatile than the CPI
a. broader; more b. broader; less c. narrower; more d. narrower; less
Graphically, the area that represents the difference between the maximum price consumers were willing to pay for a good and the market price is called
a. consumer surplus. b. producer surplus. c. marginal cost. d. triangular arbitrage.
The National Primary Drinking Water Regulations (NPDWRs)
a. are applicable to public and private water systems b. are to be implemented uniformly throughout the United States c. are defined only for microorganisms d. have been established to protect public welfare.