Which of the following is not a major responsibility of the Fed?
A) controlling the money supply
B) serving as the federal government's banker
C) determining tax rates
D) acting as a lender of last resort
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Trisha believes the production of a dress requires 4 labor hours and 2 machine hours to produce. If Trisha decides to operate in the short run, she must spend $500 to lease her business space
Also, a labor hour costs $15 and a machine hour costs $35. What is Trisha's cost of production as a function of dresses produced?
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________.
a. excess supply b. excess demand c. ceteris paribus d. a price ceiling
Marginal utility (MU) equals
a. ?P/?Q b. ?Q/?TU c. ?PQ/?TU d. ?TU/?P e. ?TU/?Q