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ECO202HBF13MT1Key

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Unformatted text preview: siveincometaxrates, bothequalityandefficiencyincrease.(False:equalityincreasesbutefficiency decreases)  22. ThePPFshowstheconceptsoftradeoffandopportunitycost,efficiencyandinefficiency, unemploymentandeconomicgrowth.(True)   23. IfthedemandcurveforiPhoneincreasesandatthesametimethesupplycurve increases,thentheequilibriumpricedefinitelyincreases.(False:thepricechangeis indeterminate) 24. RealGDPwillincreaseifthereisanincreaseinthelevelofoutput.(TRUE)  25. ThetotalsaleofallfirmsintheeconomyforayearisthesameastheGDPfortheyear. (False)   26. Changes in the GDP deflator reflect both changes in prices and quantities produced in an economy. (False) 27. Ifthenominalinterestratesrise,thentheinflationratemusthaveincreased.(False)  28. GDPinaneconomyis$4,600billion.Consume...
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  • Spring '14
  • Inflation, Tasty Cereal Company, of0200attending0200college 0200 exceeds0200the0200marginal0200benefit, indeterminate 0200 and0200depends0200on0200the0200magnitudes0200of0200these0200demand0200, 0200normative0200statement 0200

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