Does the Federal Reserve conduct both the nation's monetary policy and its fiscal policy?
What will be an ideal response?
The Federal Reserve does not conduct both fiscal and monetary policy. The Federal Reserve is responsible for only the nation's monetary policy but it does not conduct the nation's fiscal policy.
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Rank the following goods from least to most elastic: gasoline, Unocal gasoline, gasoline at Murph's Unocal Station
A) Gasoline, Unocal gasoline, gasoline at Murph's Unocal Station B) Gasoline, gasoline at Murph's Unocal Station, Unocal gasoline C) Gasoline at Murph's Unocal Station, Unocal gasoline, gasoline D) Unocal gasoline, gasoline at Murph's Unocal Station, gasoline E) Unocal gasoline, gasoline, gasoline at Murph's Unocal Station
Which of the following situations best demonstrates the law of demand?
A. Movie-goers see fewer movies per year due to an overall decrease in the quality of newly released motion pictures. B. An increase in the number of people writing Economics textbooks results in a decrease in average textbook prices. C. A drought causes a decrease in the availability of pumpkins, resulting in fewer jack-o-lanterns displayed on Halloween. D. Movie-goers react to an increase in the price of a theater ticket by seeing fewer movies per year.
The number of firms in an oligopolistic industry
A) must be less than 10. B) must be less than 20. C) must be small enough that firms are interdependent. D) must be large enough for firms to be independent.
An increase in labor productivity will shift
A) MRP curve to the left. B) MFC curve to the right. C) MRP curve to the right. D) MFC curve to the left.