A perfectly competitive firm has no market power.
Answer the following statement true (T) or false (F)
True
A perfectly competitive firm is compelled to take the market price that is determined by the interaction of supply and demand and therefore has no market power.
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A provision of the Dodd-Frank Act of 2010 revised the Federal Reserve Act to
A) restrict the Fed's ability to make loans except to commercial banks. B) allow the Fed to buy commercial paper issued by nonfinancial firms. C) allow the Fed to make loans to investment banks. D) allow the Fed to make loans to any individual, partnership, or corporation in unusual and exigent circumstances.
Investment in health and education
a. slows growth because it takes resources from growth-creating sectors b. is harmful because it encourages families to have children c. is beneficial because in improves the capabilities of the population d. is beneficial because it provides jobs for doctors and teachers e. none of the above
The distributions of tax burdens among various groups in society is known as
A) a proportional tax. B) a progressive tax. C) a regressive tax. D) tax incidence.
Mark is an 86-year-old watchmaker who works ten hours a week to supplement his retirement income. In determining the U.S. unemployment rate, Mark would be considered
a. employed b. unemployed c. an involuntary part-time worker d. not in the labor force e. a discouraged worker