Installment-plan buying permits consumers to use the income generated from their private assets to pay for goods and services
Indicate whether the statement is true or false
False
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A(n) ________ is a tax on an imported good
A) export quota B) tariff C) voluntary export restraint D) import quota
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $70 from the auction, she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above
According to Keynesian economists, the aggregate supply curve is
a. horizontal b. vertical c. vertical at low levels of output and horizontal at high levels of output d. horizontal at low levels of output and vertical at high levels of output e. upward sloping
The marginal revenue product schedule is:
A. the same whether the firm is selling in a purely competitive or imperfectly competitive market. B. the firm's resource demand schedule. C. the firm's resource supply schedule. D. upsloping.