The monetary policy framework is:
A. the law that created the Federal Reserve System.
B. the idea that central banks should be interconnected across countries.
C. a growing belief that there should be one central bank headquartered at the World Bank.
D. a way to prioritize and implement the central bank's objectives when they are in conflict.
Answer: D
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Monopolists use the hurdle method of price discrimination in order to:
A. produce the socially optimal level of output. B. increase the demand for their good. C. lower their marginal cost. D. separate consumers on the basis of their reservation prices.
The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is
A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.
Between the end of World War II and 1971, the United States dollar was
A. the only major currency in the world convertible into gold for purposes of international payments. B. not used as an international currency. C. the only major currency in the world not backed by gold. D. not very important in the transfer of goods between countries.
The only variable input used in producing bicycles in a small factory is labor. Currently four workers are employed; each works 40 hours per week and is paid $10 per hour. If fixed cost is $2,000 per week and total output is 10 bicycles per week, average cost is:
A. $260. B. $160. C. $360. D. $200.