In perfectly competitive markets that exhibit allocative efficiency, production represents which of the following?
a. Societal preferences
b. Average marginal returns
c. Optimal production methods
d. Economic profitability
a. Societal preferences
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Suppose a country's net exports equal 0. If the volume of imports increases without any change in the volume of exports, the country will experience a ________
A) trade deficit B) budget deficit C) trade surplus D) budget surplus
The different effects of fiscal and monetary policy in an open economy with mobile capital hinges on their different effect on
a. price levels. b. interest rates. c. the money supply. d. real GDP.
The Fed Chairman has authority and responsibility for federal budget deficits.
a. true b. false
The key policy target in the Taylor rule is the:
A. money supply. B. federal funds interest rate. C. average tax rate. D. full-employment budget.