The Federal Open Market Committee meets
a. once a month.
b. eight times a year.
c. four times a year.
d. semi-annually.
b
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In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
The colonies as a whole had a significant commodity import deficit in their trade with England. The least important source of foreign exchange earnings to offset this trade deficit was:
a. insurance charges and merchant commissions. b. the sale of ships. c. the sale of colonial shipping services. d. payment for slaves.
Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal revenue curves. If this price is between its average variable cost and average total cost curves, the firm will:
a. earn an economic profit. b. continue to operate in the short run. c. shut down. d. all of these are true.
If the demand-side effects of supply-side tax cuts are greater than the supply-side effects, then we can expect the result to be a(n)
A. decrease in output and prices. B. decrease in output and an increase in prices. C. increase in output and prices. D. increase in output and a decrease in prices.