Someone who has just inherited a "goldmine" has received a great deal of ________
A) wealth
B) money
C) income
D) currency
E) liquidity
A
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Which of the following is NOT a basis for the Taylor-rule guideline for how the Federal Reserve should set its target value for the federal funds rate?
A) the current deviation of the actual inflation rate from the Fed's inflation objective B) the gap between actual real GDP and a measure of potential real GDP C) an estimated long-run real interest rate D) the present deviation of the actual unemployment rate from the Fed's unemployment objective
Suppose hammers are produced in a perfectly competitive market. Ace Manufacturing is currently producing 1,000 hammers. It estimates that the marginal revenue of selling another hammer is $15, the marginal cost is $17, and the average total cost is $13 . From these figures, an economic consultant would conclude that Ace
a. is making an economic profit of $2,000 b. is maximizing total profit c. should produce more output d. should raise the price of a hammer e. will soon go out of business
The model predicts that a temporary decrease in government purchases causes:
a. an increase in consumption. b. an increase in gross investment. c. a reduction in real GDP. d. all of the above.
Which of the following underground economy activities would be considered a black market?
A. Harry makes Sally dinner while she changes the oil in his car. B. Carrie waits tables at the local restaurant for salary and tips, but only reports her salary as income. C. Celeste sells counterfeit designer bags at a roadside stand. D. Ben provides child care in his home for cash payments and does not report the income.