Greenbacks were first issued
(a) by the Federal government to help the economy out of a recession in the 1850s.
(b) by the States to pay for the construction of canals.
(c) by the Federal government to help pay for the Civil War (1861–1865).
(d) by banks during the Free Banking Era.
(c)
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A firm’s demand curve can be used to determine average revenue.
Answer the following statement true (T) or false (F)
_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted
a. The American Civics Exchange b. Tradesports c. The Iowa Electronic Markets d. The Gallup and Roper surveys
When a certain nation abandoned a policy of prohibiting international trade in automobiles in favor of a free-tree policy, the result was that the country began to import automobiles. The change in policy improved the well-being of that nation in the sense that
a. both producers of automobiles and consumers of automobiles in that nation became better off as a result. b. the gains to automobile producers in that nation exceeded the losses of the automobile consumers in that nation. c. the gains to automobile consumers in that nation exceeded the losses of the automobile producers in that nation. d. even though total surplus in that nation decreased, it was still true that consumer surplus and producer surplus increased.
Answer the following statement(s) true (T) or false (F)
1. In a perfectly competitive market, there are few buyers and sellers. 2. In a perfectly competitive market, consumers believe all firms sell homogeneous products. 3. There are often large barriers to the entry, but not the exit, of firms in a perfectly competitive market. 4. In a perfectly competitive market, consumers, for the most part, are price takers. 5. A firm’s demand curve slants upward because market demand increases when the supplier lowers her prices in a perfectly competitive market.