Although not the only ones, oligopolists produce goods that
a. have zero cross elasticities
b. are unique
c. are not differentiated
d. have infinite cross elasticities
e. have close substitutes
E
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The Federal Reserve System performs many functions but its most important one is
A. providing for check clearing and collection. B. acting as fiscal agent for the U.S. government. C. issuing currency. D. controlling the money supply.
Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the country's import demand curve (Qm)?
What will be an ideal response?
Over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has gradually increased
a. True b. False Indicate whether the statement is true or false
The rational expectations hypothesis states that
A. people incorporate past and present economic information into decision making. B. prices do not adjust in a downward direction. C. consumers do not understand the effects of monetary and fiscal policy. D. individuals always behave irrationally.