The Fed seeks a target rate of inflation of around _____
Fill in the blank(s) with the appropriate word(s).
2 percent.
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Firms entering a perfectly competitive industry will cause the price of the product to
a. fall. b. rise. c. remain constant. d. become more responsive to consumer demand.
Which of the following is a source of information that helps consumers acquire information about the quality of a good or service?
a. brand names b. franchising c. consumer ratings magazines d. all of the above
One prominent debate over macroeconomic policy centers on the question of whether monetary and fiscal policy should be used to try to stabilize the economy
a. True b. False Indicate whether the statement is true or false
Products traded between two nations that are very similar and very close substitutes, but that may be of different quality or prices, are called:
a. differentiated complements. b. differentiated substitutes. c. differentiated products. d. perfect substitute products.