For long-term stopgap financing of large projects, city governments can issue
A) tax-anticipation notes.
B) bond-anticipation notes.
C) general obligation bonds.
D) revenue bonds.
B
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Americans viewed the 12 percent mortgage interest rates of the 1980s as exorbitantly high while they considered the 7 percent mortgage interest rates of the late 1990s as reasonable. This represents a confusion of
a. actual and expected inflation. b. real versus nominal inflation. c. real versus expected mortgage payments. d. real versus nominal interest rates.
In the short run, a firm in a monopolistically competitive market operates much like a
a. firm in a perfectly competitive market. b. firm in an oligopoly. c. monopolist. d. monopsonist.
Whenever the marginal cost curve lies below the average total cost curve, the:
A. average total cost is decreasing. B. average variable cost is increasing. C. average total cost is increasing. D. average variable cost is decreasing.
The theory of purchasing power parity assumes:
A. the real exchange rate is fixed but the nominal exchange rate is flexible. B. the real exchange and nominal exchange rates are fixed. C. the nominal exchange rate is fixed but the real exchange rate is flexible. D. the real exchange rate varies with the inflation differential.