Which of the following is a characteristic of a competitive market?
a. There are many buyers but few sellers.
b. Many firms have market power because they own patents.
c. Buyers and sellers are price takers.
d. Firms sell differentiated products.
c
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The Great Depression is thought to have been prolonged and made deeper by
A) contraction of the money supply. B) the stock market crash. C) speculative behavior of investors. D) rapid inflation.
Deregulation, especially for the transportation and telecommunication industries, was the trend in the United States during the:
a. 1930s. b. 1950s. c. 1970s. d. 1980s.
The available credit limit we have in a credit card reflects the amount of money we hold in our savings account
a. True b. False Indicate whether the statement is true or false
At the time of Kelsey's 20 year high school reunion she was earning $50,000 and the CPI was 120. Now that it is time for her to attend her 30 year high school reunion, Kelsey's income has risen to $97,000 and the CPI is 230. At her 30 year reunion, can Kelsey rightfully brag that her real income has risen since the last time she saw her former classmates ten years ago?
A) Yes, Kelsey's real income rose during that 10 year period. B) No, Kelsey's real income fell during that 10 year period. C) No, Kelsey's real income remained constant during that 10 year period. D) It is impossible to determine what happened to Kelsey's real income.