A natural monopoly is a firm that experiences economies of scale over the range of market demand
a. True
b. False
A
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According to the Taylor rule, if inflation equals 4 percent and there is a recessionary gap equal to 4 percent of potential output, the Fed will set a real interest rate of ________ percent and a nominal interest rate of ________ percent.
A. 1; 4 B. 2; 4 C. 1; 5 D. 4; 4
The antitrust legislation that was designed to help small stores survive competition with large retail chains was the
a. FTC Act b. Sherman Antitrust Act c. Cellar-Kefauver Act d. Robinson-Patman Act e. Clayton Act
In the long run, the inflation rate depends primarily on the growth rate of the money supply
a. True b. False Indicate whether the statement is true or false
The rate at which a consumer will exchange one good for another is called:
A. marginal utility. B. the marginal rate of transformation. C. the rate of substitutability. D. the marginal rate of substitution.