To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.
A) price; expected marginal cost
B) price; marginal cost
C) expected price; marginal cost
D) expected price; expected marginal cost
D) expected price; expected marginal cost
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The IS curve ________ when the real interest rate increases
A) shifts to the right B) shifts to the left C) shifts up D) all of the above E) none of the above
The regression R2 is a measure of
A) whether or not X causes Y. B) the goodness of fit of your regression line. C) whether or not ESS > TSS. D) the square of the determinant of R.
The welfare program earmarked for the purchase of only some goods (and not others) accepted primarily at retail stores and supermarkets is known as
a. food stamps b. AFDC c. Medicaid d. Medicare e. Social Security
Nowadays, most observers believe that monetary policy
a. is less important than fiscal policy. b. is more important than fiscal policy. c. and fiscal policy are equally important. d. and fiscal policy are both unimportant.