The goods or services that firms in an oligopoly sell:
A. are standardized.
B. are not close substitutes.
C. are either standardized or close substitutes.
D. are close substitutes.
Answer: C
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The characteristic from which all economic problems arise is
A) how to make a profit. B) political decisions. C) hunger. D) scarcity. E) providing a minimal standard of living for every person.
In 1991, Argentina established a radical institutional reform after experiencing a decade marked by financial instability. This program was called the new Convertibility Law. What did this law do?
A) made Argentina's currency fully convertible into Eurocurrency at a fixed rate B) required that the monetary base be backed completely by U.S. dollars C) placed limits on exports of commodities D) made Argentina's currency fully convertible into U.S. dollars at a fixed rate and required that the monetary base be backed completely by gold or foreign currency E) restricted risky international trade activity
If the Fed paid a higher interest rate to banks on their reserves at the Fed, excess reserves in the banking system would tend to fall
a. True b. False Indicate whether the statement is true or false
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that
a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.