Brand names are rarely used to convey information about product quality
a. True
b. False
Indicate whether the statement is true or false
False
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When we compare shares of income earned by U.S. households over the past 40 years, which of the following statements about the distribution of income is true?
A) The percentage of total income represented by each quintile has increased. B) The percentage of total income represented by each quintile has decreased. C) The largest gain in income percentage is in the top 5% of households. D) Lower-income households gained at the expense of higher-income households.
Which of the following is not a characteristic of perfect competition?
a. A commodity product b. A large number of independently acting sellers c. Freedom of entry d. The existence of externalities e. Each firm is a price taker
Under the gold standard of a century ago, the world's commerce
a. nearly collapsed before the beginning of World War I. b. was at the mercy of gold discoveries. c. grew steadily without interruption from monetary disturbances. d. grew when the gold stock grew slowly, and shrank when gold discoveries increased.
Historically, the market prices of most natural resources (adjusted for inflation) have
a. increased. b. remained stable. c. remained stable or decreased. d. decreased.