The Federal Reserve's primary monetary policy-making body is the
A) Federal Open Market Committee.
B) Council of Economic Advisors.
C) Federal Advisory Council.
D) Federal Deposit Insurance Corporation.
A
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The aggregate supply curve (short run) is upward-sloping because ________.
A. wages and other resource prices are flexible upward but inflexible downward B. the price level is flexible upward but inflexible downward C. wages and other resource prices match changes in the price level D. per-unit production costs rise as the economy moves toward and beyond its full-employment real output
Refer to Figure 11-4. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) D to B to E. B) C to B to A. C) A to B to C. D) E to B to D.
When a local grocery store offers discount coupons in the Sunday paper it is most likely trying to
a. reduce prices for all customers. b. encourage literacy. c. encourage arbitrage. d. price discriminate.
Which of the following best expresses the law of demand?
a. An increase in price results from an increase in demand for a good of limited supply. b. The increase in the quantity of a good available when its price increases. c. A decrease in price can be expected as more units of a product are demanded. d. The inverse relationship between the price of a good and the quantity demanded.