All the following affect short-run operating targets of the FOMC, except:
a. the federal funds rate.
b. the rate of inflation.
c. the budget deficit.
d. the foreign exchange rate.
e. the growth of real GDP.
c
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A good with a horizontal demand curve has a demand
A) with an income elasticity of demand equal to 0. B) with a price elasticity of demand equal to 0. C) with a price elasticity of demand equal to infinity. D) for which there are no substitutes.
Monique buys a new television for $795. She receives consumer surplus of $355 from the purchase. How much does Monique value her television?
A) $355 B) $440 C) $795 D) $1150
Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:
a. on its production possibilities curve. b. outside its production possibilities curve. c. inside its production possibilities curve. d. on the highest achievable production possibilities curve. e. on the lowest production possibilities curve.
Which of the following would cause GDP to overstate the growth in economic well-being over the past 50 years?
A. Increase in leisure time B. Increase in the employment of married women C. Decrease in the employment of maids and housekeepers D. All of the choices are true