Service sector outputs could be expected to increase in price less than industrial sector outputs as an economy grows.
Answer the following statement true (T) or false (F)
False
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The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the consumer surplus?
A) $30 B) $9,000 C) $18,000 D) $16,000
Discount rate policy is ________ tool of the Fed in its attempts to influence ________, and thus the money supply
A) an unnecessary, the reserve-holding ratio B) an unnecessary, high-powered money C) a necessary, the reserve-holding ratio D) a necessary, high-powered money
A tax in an industry would result in: a. a decrease in consumer surplus
b. a decrease in producer surplus c. a decrease in the gains from trade. d. all of the above.
Monopoly as a market structure leads to
a. prices equal to average cost. b. quick response to economic change. c. prices that equal minimum long-run average cost. d. persistent economic profits.