Related to the Economics in Practice on page 67: Increased preference for quinoa would most likely shift the demand curve for quinoa to the ________ and lead to a(n) ________ in the price of quinoa, ceteris paribus.
A. left; increase
B. left; decrease
C. right; increase
D. right; decrease
Answer: C
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Economic profit is always positive when
A. accounting profit is positive. B. accounting profit is zero. C. accounting profit is greater than the firm’s opportunity costs. D. accounting profit is less than the firm’s opportunity costs.
The outcome of monetary policy can never be certain because
a. unemployment is always changing b. the concept of a natural rate of unemployment is still not accepted by all policy makers c. the slope of the AS curve is never clear d. time lags disrupt policy planning e. the natural rate of unemployment lags behind the actual rate of unemployment
Even if everyone agreed on policy priorities, there would still be trade-offs related to economic policy.
Answer the following statement true (T) or false (F)
In its role as bank for the U.S. government, the Federal Reserve performs all of the following services, except:
A. maintaining the U.S. Treasury's bank account. B. managing U.S. Treasury borrowings. C. issuing new currency. D. making discount loans.