The central idea behind the Troubled Asset Relief Program was for the Treasury to sell mortgage-backed securities to interested investors, wait for prices to increase, and then buy these securities back for a profit.
Answer the following statement true (T) or false (F)
False
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A monopolistically competitive market is characterized by:
a. many small sellers selling a differentiated product. b. a single seller of a product that has few suitable substitutes. c. very strong barriers to entry. d. mutual interdependence in pricing decisions.
As in perfect and monopolistic competition, oligopoly firms cannot earn economic profits in the long run
a. True b. False Indicate whether the statement is true or false
Economists and accountants have very different definitions of profit
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. The federal income tax is a regressive tax. 2. Regressive taxes take a higher percentage of income from lower-wage earners than from higher-wage earners. 3. Employers shift all the FICA tax burden to employees by paying lower wages. 4. The majority of taxes are efficient. 5. Vertical equity means people of all incomes should pay equal tax percentages.