An increase in all prices is inflation
a. true
b. false
Ans: b. false
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Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level?
Defend your position using economic principles.
The ________ is an international organization that sets rules of conduct for international commerce
A) International Trade Commission (ITC) B) World Trade Organization (WTO) C) International Trade Agreement (ITA) D) World Bank
We go from personal income to personal disposable income by
A) subtracting undistributed profits. B) adding transfer payments. C) subtracting personal income taxes. D) subtracting depreciation. E) subtracting personal saving.
In a 50-firm industry, two of the smallest firms merge. Yet the 4-firm concentration ratio and the 8-firm concentration ratio did not change. All things considered, we can say that the industry has
A) moved closer to pure competition because the number of firms decreased. B) moved farther away from competition because the number of firms decreased. C) experienced no change in competition even though the number of firms decreased. D) to be identified first; otherwise there is no way to tell.