Which of the following institutions plays the role of an international lender of last resort?
A) the World Bank
B) the International Monetary Fund
C) the European Monetary System
D) the Federal Reserve System
B
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The Keynesian portion of the short-run aggregate supply (SRAS) curve
A) is horizontal. B) is vertical. C) slopes upward. D) slopes downward.
If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
a. price elastic. b. price inelastic. c. perfectly inelastic. d. unitary elastic.
If the economy is on the aggregate supply curve but to the right of the aggregate demand curve, which of the following will be the first market force to lead the economy toward an equilibrium?
a. At the current output level, prices will be too low and firms will increase their prices. b. At the current price level, output will be too low, inventories will diminish, and firms will increase their production. c. At the current output level, prices will be too low and firms will lower their prices. d. At the current price level, output will be too high and so prices will drop so that output will drop. e. At the current price level, output will be too high, inventories will pile up and firms will cut back on their production.
The marginal cost curve intersects the average variable cost curve at the ________ value of the average variable cost curve.
A. average B. minimum C. zero D. maximum