An essential characteristic of a monopoly is:
A. only one buyer must exist.
B. there can only be a few sellers in the market.
C. the good must have no close substitutes.
D. many buyers must exist.
Answer: C
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The Sixteenth Amendment to the Constitution in 1913 made it possible for the federal government to tax imports.
Answer the following statement true (T) or false (F)
Which of the following pairs of goods are complements?
a. frozen pizza; restaurant pizza b. potato chips; potato chip dip c. hockey sticks; tennis balls d. automobiles; bicycles
If the Fed raises the inflation rate and initially expected inflation does not change, in the short run the unemployment rate ________ the natural unemployment rate, and in the long run the unemployment rate ________ the natural unemployment rate
A) is larger than; equals B) is less than; equals C) is less than; is larger than D) is less than; is less than E) is larger than; is larger than
If there is initially a federal budget deficit, and government purchases and transfer payments both rise:
a. AD increases and the budget deficit increases. b. AD increases and the budget deficit decreases. c. AD decreases and the budget deficit increases. d. AD decreases and the budget deficit decreases.