The central element of the oligopoly model is that each firm produces a differentiated product.
Answer the following statement true (T) or false (F)
False
The central element of the oligopoly model is interdependence. Firms in an oligopolistic market may produce either identical or differentiated products.
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Which of the following leads to an increase in net exports in the long run?
a. either a decrease in the budget deficit or imposing an import quota b. a decrease in the budget deficit but not imposing an import quota c. imposing an import quota but not a decrease in the budget deficit d. neither a decrease in the budget deficit nor imposing an import quota
"All else constant, consumers will purchase more of a good as the price falls." This statement reflects the behavior underlying:
A. a change in supply. B. the supply curve. C. the demand curve. D. a change in demand.
The invisible hand concept used to describe the guiding function of prices was developed by:
a. Henry George b. Milton Friedman c. Adam Smith d. John Kenneth Galbraith
Answer the following questions true (T) or false (F)
1. With the Troubled Asset Relief Program (TARP), the Treasury provided funds to banks in exchange for stock. 2. In March 2008, the Fed announced that primary dealers would be eligible to receive discount loans. 3. Despite saving Lehman Brothers from failing, the Fed and the Treasury decided to allow Bear Stearns to go bankrupt, which it did in September, 2008.