Which of the following is NOT an economic good?
A) a haircut
B) broccoli
C) garbage
D) a textbook
C
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Which of the following does not reflect a positive rate of time preference?
a. Concert-goers yell and scream when the stage is still dark an hour after the concert was scheduled to start. b. Borrowers have to pay interest on loans. c. A dieter, allowed three ounces of butter per day, spends the whole allotment on her toast at breakfast. d. A dieter, allowed three ounces of butter per day, promises himself some new clothes if he can break the habit of spending the whole allotment on his toast at breakfast. e. A student stays up late every night for a week to finish her term paper two months before it is due.
The task of economic regulation is to
a. protect monopoly profits b. approximate the results of the competitive market c. replace competition with government ownership d. ensure laissez-faire e. increase competition within the market
Given the following formula for the Taylor rule:Target federal funds rate = natural rate of interest + current inflation + 1/2(inflation gap) + 1/2(output gap)Every one percent increase in the rate of inflation will:
A. increase the real federal funds rate by 1.5%. B. increase the real federal funds rate by 0.5%. C. increase the target federal funds rate by 1.5%. D. increase the target federal funds rate by 1.5% and increase the real federal funds rate by 0.5%.
The long-run supply curve is upward sloping in an increasing cost industry.
Answer the following statement true (T) or false (F)