In the income-expenditure model, firms stand ready to provide all the output that is demanded
Indicate whether the statement is true or false
TRUE
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If the local pizzeria raises the price of a medium pizza from $6 to $10 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the arc price elasticity of demand for pizzas is:
A) 0.67. B) 1.5. C) 2.0. D) 3.0.
The Board of Governors of the Federal Reserve consists of seven members, each of which are
A) appointed by the president of the United States. B) elected by the public every two years. C) presidents of one of the 12 regional Federal Reserve Banks. D) CEOs of commercial banks within each Federal Reserve district.
Compared to 1980, the top marginal federal income tax rate today is
a. substantially lower and the rate structure is less progressive than in 1980. b. substantially lower and the rate structure is more progressive than in 1980. c. substantially higher and the rate structure is less progressive than in 1980. d. substantially higher and the rate structure is more progressive than in 1980.
A tariff is a tax on imports.
Answer the following statement true (T) or false (F)