A differentiated product has
A) many perfect substitutes.
B) no close substitutes.
C) no substitutes of any kind.
D) close but not perfect substitutes.
E) many different complements.
D
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In a market system, how are the price signals established?
A) Consumer advocacy groups establish fair prices for items, and most firms follow these pricing guidelines because they don't want to anger their consumers. B) Industry associations establish an acceptable price range for each commodity sold within the industry, and member firms are obligated to abide by association guidelines. C) The forces underlying supply and demand interact to determine a market clearing price. D) Federal legislation establishes maximum prices for most goods, and state governments regulate the prices of any remaining items.
For each $1 of a tax cut, economists expect consumption to
a. decrease by $1. b. decrease by less than $1. c. increase by less than $1. d. increase by $1.
Answer the following statements true (T) or false (F)
1) Excess reserves are the amount by which required reserves exceed actual reserves. 2) Actual reserves equal required reserves plus excess reserves. 3) Commercial bank reserves are an asset to commercial banks but a liability to the Federal Reserve Bank holding them. 4) Balance sheets always balance because reserves must always equal liabilities plus net worth.
The total income of households is
A. national income. B. personal income. C. net national product. D. production income.