If buyers expected the future price of a good to decrease, it would tend to increase the current quantity exchanged
a. True
b. False
Indicate whether the statement is true or false
False
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All of the following are characteristics of a monopolistically competitive industry EXCEPT
A) homogeneous products. B) many firms. C) low barriers to entry and exit. D) sales promotion and advertising.
Which of the following correctly describes factors that contributed to the change in the federal budget deficit between 1990 and 1998?
a. Federal taxes were cut by President George H.W. Bush and Congress in 1990, which helped in his reelection campaign in 1992 and contributed to a continually rising budget deficit during the 1990s. b. Federal taxes were cut again by President Bill Clinton in 1993, which further contributed to a continually rising budget deficit during the 1990s. c. Accelerated growth in federal outlays triggered the rapid expansion of the federal workforce between 1990 and 1998, which further contributed to a continually rising budget deficit during the 1990s. d. Taxes were raised, spending was cut, productivity rose, consumer spending increased, the stock market was the strongest in history, and the country experienced a short-lived budget surplus. e. Defense and international programs were identified as the only two areas of potential spending cuts.
Almost one-half of corporate stock in the United States is owned by people whose annual income exceeds $100,000
Indicate whether the statement is true or false
Suppose there are only two steel firms in the steel industry and their prices are equal to or very close to their ATCs. This circumstance suggests that
a. steel firms are not profit maximizing b. steel has no close substitutes c. the demand for steel is weak d. quantity supplied is less than quantity demanded at the market prices e. close substitutes are produced in other industries