Strong growth in the U.S. during the 1990s may have been the result of
a. higher rates of government savings.
b. reduced international trade barriers.
c. strong labor productivity growth.
d. stable inflation.
e. All of the above
E
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Use the following graph for the federal funds market to answer the next question.
If the Fed wants to raise the federal funds rate by one-half of a percentage point, it should ________.
A. act to increase reserves by $50 billion B. buy bonds from banks and the public C. act to reduce reserves by $50 billion D. pursue an expansionary monetary policy
The monopsony will hire the amount of labor so that the
A) demand for labor equals supply for labor. B) value of marginal product of labor equals the wage rate. C) value of marginal product of labor equals the marginal cost of labor. D) supply for labor equals the wage rate.
If the marginal utility of a gallon of milk to consumers is $2.50 and the MC of producing the gallon of milk is $1.50, then
A. the value of the resources used up in producing one more gallon of milk would be $1 less than the money value of the additional gallon to consumers. B. society could be made better off by expanding the output of milk. C. resources are not being used most efficiently. D. All of the above are true.
If a country is a net importer of a good, the price of that good will ________ when the economy goes from closed to open for trade.
A. increase B. stay the same C. decrease D. first increase then decrease