In 1973, the U.S. experienced a decline in output and high inflation
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following would make it easier to maintain an effective collusive agreement in a cartel?
A) An increase in the number of potential entrants into the industry. B) A decrease in the elasticity of demand for the cartel's product. C) An increase in the number of substitutes for the product produced by the cartel. D) A new method of pricing that makes it more difficult for each firm to monitor the prices that the other firms in the cartel are charging.
Which of the following is not true of Federal Reserve notes? a. They are fiat money
b. They are a liability of the Fed. c. They are redeemable for other Federal Reserve notes. d. They are redeemable for gold. e. They are counted as currency in the money supply