U.S. dollars are an example of commodity money and hides used to make trades are an example of fiat money
a. True
b. False
Indicate whether the statement is true or false
False
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A cartel is a group of firms
A) acting separately to limit output, lower price, and decrease economic profit. B) acting together to limit output, raise price, and increase economic profit. C) legally fixing prices. D) acting together to erect barriers to entry. E) that compete primarily with each other rather than the other firms in the market.
In the long run, an increase in government purchases of military equipment would cause output to ________ and the aggregate price level to ________
A) stay constant; fall B) fall; fall C) fall; stay constant D) stay constant; rise
It is relatively easy for a firm to enter a perfectly competitive market.
Answer the following statement true (T) or false (F)
Who benefits when the exchange rate of Japanese yen per dollar increases?
a. Japanese exporters b. Japanese tourists c. Japanese importers d. American exporters e. Japanese students in the U.S. whose source of income is money sent to them from Japan.