Product differentiation takes place in the ______________.
Fill in the blank(s) with the appropriate word(s).
buyer's mind
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If the Fed wants to permanently lower interest rates, then it should raise the rate of money growth if
A) there is fast adjustment of expected inflation. B) there is slow adjustment of expected inflation. C) the liquidity effect is smaller than the expected inflation effect. D) the liquidity effect is larger than the other effects.
An auxiliary regression refers to a regression that is used:
A. when the dependent variables are qualitative in nature. B. when the independent variables are qualitative in nature. C. to compute a test statistic but whose coefficients are not of direct interest. D. to compute coefficients which are of direct interest in the analysis.
The Fed can raise the discount rate when it wants to:
A. decrease the money supply. B. increase the money supply. C. decrease the budget deficit. D. increase the budget deficit.
If the United States government were to impose a quota on wristwatches imported from Switzerland, then the
A. price of wristwatches in the United States would decrease and total quantity consumed (domestic and imported) would increase. B. price of wristwatches in Switzerland would rise, and Switzerland would be hurt by the quota. C. total quantity of wristwatches (domestic and imported) consumed would decline as prices rise. D. price of wristwatches in the United States would remain the same, but the quantity consumed would fall as imports fall.