The President and the Congress jointly determine the nation's monetary policies, and the Fed is required by law to implement those policies
a. True
b. False
Indicate whether the statement is true or false
False
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________ choose the quantities of factors of production to hire, and ________ choose the quantities of goods and services to produce
A) Entrepreneurs; firms B) Firms; firms C) Markets; markets D) Factor markets; goods markets E) Firms; households
Discuss the meaning of the phrase of supply-side economics, discussing how it is similar and different from the traditional classical model. Make sure to discuss the role of the Laffer curve in supply-side theory
What will be an ideal response?
In the long run, perfectly competitive firms produce a level of output such that:
A. P = MC and P = minimum of AC. B. P = MC. C. P = minimum of AC. D. None of the answers is correct.
Because the value of non-cash benefits to the poor is not counted when calculating the official poverty rate in the U.S., the official statistics
A. underestimate the poverty rate. B. overstate the real income of the poor. C. accurately measure the poverty rate. D. overestimate the poverty rate.