The Federal Reserve is responsible for issuing currency.
Answer the following statement true (T) or false (F)
True
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The three models of oligopolies, Cournot, Stackelberg and Bertrand, all assume firms independently choose the quantity of output to produce
Indicate whether the statement is true or false
In the United States, the lifetime distribution of income is more equal than the annual distribution. This statement is:
A. true because the rich have gotten richer and the poor have gotten poorer. B. true because there is considerable income mobility over time. C. false because people tend to stay in the same income quintile over extended periods of time. D. false because the rich have gotten richer and the poor have gotten poorer.
Division of labor has caused output to rise dramatically since the industrial revolution.
Answer the following statement true (T) or false (F)
A tax imposed by a government on imports of a good into a country is called
A) a tariff. B) an import fine. C) an import levy. D) an import quota.