Which of the following is a tool that is used by the Fed to control the quantity of money?
A) open market operations
B) excess reserves
C) government expenditure multiplier
D) real interest rate
A
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If real GDP is $13,000 billion and aggregate hours are 270 billion, labor productivity equals
A) $6.50 per hour. B) $45 per hour. C) $48 per hour. D) $650 per hour.
Assume that a firm's production process is subject to increasing returns to scale over a broad range of outputs. Long-run average costs over this output will tend to
A) increase. B) decline. C) remain constant. D) fall to a minimum and then rise.
Suppose a soccer coach has been making $25,000 per year but gives up his coaching job in order to make lace doilies. If his revenue from the sale of these doilies is $50,000 and his materials cost $20,000 . then his economic profit is
a. $5,000 b. $25,000 c. $30,000 d. $50,000 e. $80,000
For a good that is a luxury, demand
a. tends to be inelastic. b. tends to be elastic. c. has unit elasticity. d. cannot be represented by a demand curve in the usual way.