The dual mandate of the Federal Reserve System is to maintain ________
A) exchange rate and price stability
B) price stability and maximum sustainable employment
C) maximum sustainable employment and GDP growth
D) GDP growth and exchange rate stability
B
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For a monopolistically competitive firm,
a. marginal revenue and price are the same. b. average revenue and price are the same. c. at the profit-maximizing quantity of output, price equals marginal cost. d. at the profit-maximizing quantity of output, price equals the minimum of average total cost.
All of the following are examples of positive statements EXCEPT:
A. Tax revenues increase as output per person increases. B. High rates of economic growth are undesirable because of the destruction caused to the environment. C. Growth in an economy generates a budget surplus. D. As output per person increases access to consumer goods increases.
What is an externality?
a) the impact of society's decisions on the well-being of society b) the impact of a person's actions on that person's well-being c) the impact of a person's actions on the well-being of a bystander d) the impact of society's decisions on the well-being of one person in that society
When a Japanese resident buys a good or service from a U.S. producer, there is a(n)
A) increase in the supply of yen in the foreign exchange market. B) decrease in the supply of yen in the foreign exchange market. C) increase in the demand for yen in the foreign exchange market. D) decrease in the demand for yen in the foreign exchange market.