The Taylor rule helps explain the relationship between the Fed's ________ and ________
A) federal funds target; the monetary growth rule B) federal funds target; economic conditions
C) money supply target; the federal funds target D) money supply target; economic conditions
B
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When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the
A) minimum cost of producing a given amount of output using different techniques. B) maximum profit attainable for each unit of output sold per unit of labor employed. C) maximum output attainable for each quantity of labor employed. D) minimum output attainable for each quantity of labor employed.
Frank's Burgers employs workers in a competitive market. It currently has 15 employees. The marginal revenue product of the 15th worker hired is $8.50 per hour. The market equilibrium wage is $10 per hour
Is this firm maximizing profit? Explain.
In the long run, monopolistically competitive firms charge prices:
A. equal to the minimum of average total cost. B. equal to marginal cost. C. below marginal cost. D. above the minimum of average total cost.
If 2015 is the base year and the inflation rate between 2015 and 2016 is -4.5, the price index in 2016 is
A. 104.5. B. 95.5. C. -145.0. D. cannot be determined from this information because the base year is not known.