How does an increase in the price of laptop memory chips affect the market of laptops?
a. The demand curve for laptops to shift to the right
b. The demand curve for laptops to shift to the left
c. The supply curve for laptops to shift to the right
d. The supply curve for laptops to shift to the left
d
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Which of the following categories constitutes the majority of federal outlays in 2016?
a. National defense b. Interest on the federal debt c. Social Security, Medicare, and welfare d. Grants to states and localities e. Capital expenditures
The Fed's eclecticism reflects:
A. A combination of flexible rules and limited discretion. B. Fixed rules that are set for monetary growth rates. C. Discretionary policy but not rules. D. The targeting of interest rates as the primary goal to be achieved by monetary policy.
A monopolistic competitive firm is inefficient because the firm:
A. earns positive economic profit in the long run. B. is producing at an output corresponding to the condition that marginal cost equals price. C. is not maximizing its profit. D. produces an output where average total cost is not minimum.
Suppose that the stock of money is $150 billion and nominal GDP is $750 billion. The velocity of money is
A. 4. B. 5. C. 16.7. D. 600.