If a large number of people are classified as being out of the labor force when they are really looking for work, this will lead to an official unemployment rate that is lower than the true unemployment rate.
Answer the following statement true (T) or false (F)
True
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Income elasticity is used to determine whether a product is a normal or inferior good
Indicate whether the statement is true or false
Prices
A. solve the problem of distribution of products among consumers. B. act as rationing devices. C. under laissez-faire produce an efficient allocation of resources. D. do all of the things listed here.
Since advertising increases a firm's average total cost, consumers ultimately pay for the cost of advertising in the form of a higher price in the long run. It is not possible for a firm to end up with a lower profit-maximizing price as the result of advertising
a. True b. False
One benefit of the patent system is that it encourages the production of technical knowledge
a. True b. False Indicate whether the statement is true or false