Typically in countries with lower levels of real GDP person, a smaller percentage of the population is literate
a. True
b. False
Indicate whether the statement is true or false
True
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Rent-seeking behavior imposes no costs on society because it is elected officials who actually make public sector decisions
a. True b. False
In the United States, which of the following is an example of a government-inhibited good?
A) museums B) movies C) cocaine D) sports stadiums
All of the following are characteristics of a bond except
A) a bond represents a promise to repay a fixed amount of funds. B) the face value is repaid when the bond matures. C) the coupon payment is the interest payment on the bond. D) bonds generally pay dividends each year.
Assume the firms in an oligopoly produce a differentiated product and are initially colluding
If each firm begins to cheat (to increase sales) by underpricing the other firms, as the amount of cheating increases, the resulting industry price and output will approach the outcome for: A) perfect competition. B) monopolistic competition. C) noncooperative monopoly. D) noncooperative oligopoly.