In economics, the term for a person who reduces transaction costs by arranging trades for buyers and sellers is
a. an exchange broker.
b. a middleman.
c. a transactions specialist.
d. an opportunity finder.
B
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Which of the following causes a shift from E3 to E4?
a. price increase in the long run
b. price increase in the short run
c. price decrease in the long run
d. price decrease in the short run
For this question, assume that the Fed sets monetary policy according to the Taylor rule. Suppose current U.S. macroeconomic conditions are represented by the following: ? < ??* and u > un. Given this information, we would expect that the Fed will
A) implement a monetary contraction. B) implement a monetary expansion. C) maintain its current stance of monetary policy. D) more information is need to answer this question.
Protecting a country's "infant" industries
A. seems to hurt the economy in practice because consumers of that industry's products are denied access to low-cost or higher-quality imports. B. will hurt the protected industry in the short run but generate growth for that industry in the long run. C. encourages short-run competition with the protected industry so that the industry will be forced to become efficient more rapidly. D. leads to long-run growth in most cases because the industries are given a chance to be competitive.
A policy in which the marginal costs of undertaking the policy equal the marginal benefits of that policy is best called an:
A. incentive policy. B. opportunity policy. C. optimal policy. D. equality policy.