Which of the following accurately shows the difference between (A) those who criticize advertising and (B) those who support advertising?
a. (A) claims ads provide misleading information; (B) claims ads provide helpful information.
b. (A) claims ads promotes substitutes; (B) claims ads reduce substitutes.
c. (A) claims ads reduce prices; (B) claims ads increase prices.
d. (A) claims ads enhance consumer tastes; (B) claims ads alter consumer tastes.
a. (A) claims ads provide misleading information; (B) claims ads provide helpful information.
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Refer to Table 2-9. What is Japan's opportunity cost of producing one wristwatch?
A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice
If a consumer buys less gasoline because gas prices increased by 100 percent, even though all other prices have also increased by 100 percent, then
A) the consumer is paying too close attention to changes in relative prices. B) wages and prices are too flexible. C) the consumer has been fooled by money illusion. D) inflation is not a problem in the economy.