Give five examples of industries that are monopolistically competitive.
What will be an ideal response?
Answers can vary. Sample answers include: toys, clothing, cleaning products, restaurants, haircuts, coffee shops, gasoline stations, etc.
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Which of the following statements is NOT a function of the Fed?
A) It ensures that commercial banks report their assets and liabilities with accuracy. B) It monitors the stockholders' equity of commercial banks. C) It oversees interbank payment systems. D) It regulates the various stock markets in the economy.
________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries
A) Trade creation B) Trade diversion C) Trade exclusion D) Trade distortion
Cost-reducing technological advancements allow suppliers to earn more profits but have no noticeable effect on the supply curve
a. True b. False Indicate whether the statement is true or false
Proponents of zero inflation argue that a successful program to reduce inflation
a. eventually reduces inflation expectations. b. eventually raises real interest rates. c. permanently decreases output. d. permanently raises unemployment.