Oligopoly is an industry with a small number of firms producing homogeneous or differentiated goods with minimal barriers to entry
a. True
b. False
Indicate whether the statement is true or false
False
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If the dollar appreciates and foreign goods become less expensive, the total planned expenditures on domestic goods and services will
A) increase due to the open economy effect. B) fall due to the interest rate effect. C) fall due to the open economy effect. D) increase due to the interest rate effect.
Microeconomic models are used to
A) make predictions. B) explain real-life phenomena. C) evaluate policy alternatives. D) All of the above.
The threat of a large fine for failure to pay income taxes is an example of
A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them.
Fixed cost increases when output rises
a. True b. False Indicate whether the statement is true or false