A primary function of a central bank is to
A) regulate dividend payments by corporations.
B) control the bond market.
C) set monetary policy.
D) publish statistics on banking and related financial matters.
Ans: C) set monetary policy.
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The tradeoff exhibited by the short-run Phillips curve is
A) higher price level with lower real GDP. B) lower inflation with lower unemployment. C) changing inflation with constant unemployment. D) higher inflation with higher unemployment. E) higher unemployment with lower inflation.
The airline and long-distance telephone service industries are examples of
a. monopolistic competition b. monopolies c. oligopolies d. perfect competition e. oligopolistic competition
Stagflation
A) is highly unlikely if the Phillips curve is downward sloping. B) implies that a tradeoff between inflation and unemployment may not always exist. C) is the simultaneous occurrence of high rates of inflation and unemployment. D) b and c E) a, b, and c
Suppose a firm manager has a base salary of $85,000 and earns 0.5 percent of all sales. Determine the manager's income if revenues are $2,000,000 and profits are $500,000.
A. $50,000 B. $95,000 C. $170,000 D. $87,500