Under perfect competition, price is equal to
A. marginal revenue.
B. total revenue divided by output.
C. average revenue.
D. All of the choices are equal to price under perfect competition.
D. All of the choices are equal to price under perfect competition.
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The most prominent task of a central bank is to conduct _________ policy, which involves changes to interest rates and credit conditions, affecting the amount of borrowing and spending in an economy.
a. domestic b. legal c. monetary d. banking
A principal benefit of inflation is that it makes economic decisions easier.
Answer the following statement true (T) or false (F)
Suppose a stock market crash makes people feel poorer. This decrease in wealth would induce people to
a. decrease consumption, which shifts aggregate supply left. b. decrease consumption, which shifts aggregate demand left. c. decrease investment, which shifts aggregate demand left. d. decrease investment, which shifts aggregate demand right.
Vault cash is equal to $8 million, deposits by depository institutions at the central bank are $2 million, the monetary base is $30 million, and bank deposits are $100 million. The money multiplier is equal to
A. 5.0. B. 4.0. C. 2.5. D. 3.0.