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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