The foreign exchange rate is controlled by the Federal Reserve
a. True
b. False
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Refer to the figure above. If a price control is imposed at $8, what is the gain in consumer surplus?
A) $5 B) $10 C) $15 D) $20
A natural monopoly, such as the local telephone company, is characterized by
a. a lack of natural competitors b. low fixed costs and diseconomies of scale c. economies of scale d. a lack of government regulation e. constant costs of production
Which firm is most likely to be able to engage in price discrimination?
a. a small retailer selling common household goods b. one of only three firms in a specialized industry c. a fast food chain with many competitive rivals d. a business that just entered a market and has little customer data