These are characteristics of a competitive industry, except:
a. Many substitutes
b. No barriers to entry
c. Homogenous product
d. Little or no information on rivals' products
d
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An absolute poverty line is usually set based on:
A. the cost of certain essential goods. B. a certain percentage below the average income in a society. C. the lowest quartile of income earners in a society. D. the lowest 1 percent of all income earners in a society.
If the Federal Reserve increases the money supply, ceteris paribus, the:
a. rate of interest decreases. b. rate of interest increases. c. rate of interest is unaffected. d. Fed sells bonds.
Command-and-control regulation has been highly successful in protecting and cleaning up the U.S. environment. For instance, America’s environment has become much cleaner since the ___________ was passed in 1970.
a. Clean Water Act b. Clean Air Act c. Safe Drinking Water Act d. Wilderness Act
According to the following table, how much higher are prices in 2021 compared to in 2019?
a. 48 percent
b. 75 percent
c. 93 percent
d. 175 percent