Which of the following is not a characteristic of a competitive price-searcher market?
a. Each firm produces a differentiated product.
b. The entry barriers are high.
c. Each firm faces a downward-sloping demand curve.
d. The number of firms in the market is large.
B
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The United States' first income tax was imposed during
(a) the American Revolutionary War (1763–1789). (b) the Civil War (1861–1865). (c) the 1930's Great Depression. (d) World War II (1939–1945).
In a full-employment economy, a rise in M will cause inflation unless:
A. V rises in proportion to the increase in M. B. the quantity of goods produced declines proportionately. C. tax reductions accompany the increase in the money supply. D. the velocity of money diminishes.
Many people assume that if child workers in developing countries weren't working in factories, they would be in school. In fact, children in developing countries
A) split their time evenly between work and school. B) usually have few good alternatives to work. C) are only allowed to work if they have attended school up to age 15. D) who work are relatively rare, as most do attend school full time.
People who stopped looking for work because they could not find jobs are called discouraged workers
Indicate whether the statement is true or false