A nation can determine how close it is to the classical range by considering its:
a. Net export position.
b. Capacity utilization index.
c. Exchange rate.
d. None of the above.
.B
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If tastes for a good increased and the price of a substitute good decreased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.
In its current execution of monetary policy, the Fed does not usually have a specific _____________ target, but rather it tries to target a specific ________________
A) money supply; federal funds rate B) federal funds rate; money supply C) money supply; discount rate D) required reserves ratio; discount rate
Microeconomics is most likely to be concerned with the:
A) economy as a whole. B) activity of large segments of the economy. C) economic behavior of specific parts or units of the economy. D) economy-wide trends in unemployment, prices, and production.
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. If the price of a hamburger decreases from $6 to $4, the price elasticity of demand equals ________. Use the midpoint formula.
A. -0.35 B. -0.71 C. -1.4 D. -2.4