Between from 2002 through 2016 the Federal Reserve:
A. raised rates in order to follow the Taylor Rule.
B. abandoned the Taylor Rule in favor of the Greenspan Rule.
C. lowered rates and went against the Taylor Rule.
D. left rates unchanged in order to follow the Taylor Rule.
Answer: C
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In the market for magazines, the "income effect" means that
A) magazines are usually purchased by people with higher than average incomes. B) a decrease in the price of a substitute product like books will make magazine readers feel a little poorer than they were before. C) an increase in the price of magazines will reduce the total purchasing power of magazine readers, making them able to afford fewer magazines. D) an increase in the price of magazines will raise the relative price of magazines to books, causing magazine readers to read more books and fewer magazines.
What does the marginal revenue equal when a monopoly's total revenue is maximized? What is the elasticity of demand when the total revenue is maximized?
What will be an ideal response?
When a country gains from trade:
A. everyone in that country benefits from the trade. B. the net gain of surplus is positive for that country. C. the total producer surplus increased in the country. D. the total consumer surplus increased in the country.
Refer to the accompanying figure. Assume the market is originally at point W. Movement to point X is the result of: 
A. an increase in demand and an increase in quantity supplied. B. a decrease in supply and an increase in quantity demanded. C. an increase in supply and an increase in demand. D. an increase in supply and an increase in quantity demanded.