The government makes all economic decisions in a market economy
Indicate whether the statement is true or false
FALSE
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. The payoffs in the lower-right cell of the payoff matrix would change to
A) 0, 0. B) 550, 100. C) 100, 550. D) The payoffs would not change.
The exchange rate is:
a. the rate at which goods will exchange for each other in the international market. b. the number of units of one currency required in exchange for one unit of another currency. c. set by the International Trade Commission. d. established by the ratio of the values of gold to silver. e. set by each individual country.
The number of workers employed will not change as a result of an increase in productivity when which of the following occurs?
A) The AS curve shifts downward. B) Output growth exceeds productivity growth. C) Productivity growth is equal to output growth. D) The AD curve shifts to the right. E) none of the above
If 2015 is the base year and the inflation rate between 2015 and 2016 is -4.5, the price index in 2016 is
A. 104.5. B. 95.5. C. -145.0. D. cannot be determined from this information because the base year is not known.