Which of the following is a monetary policy target used by the Fed?
A. Budget deficit
B. Interest rate
C. Growth rate of GDP
B. Interest rate
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A lobbyist for the coal industry asks Congress to limit environmental constraints on coal-burning plants. This is an example of
a. the median-voter model b. rent seeking c. perfect competition d. monopoly e. public-interest legislation
If the demand for liquor is elastic and the supply of liquor is inelastic, when the government increases liquor tax, _____
a. most of the tax will be paid by the consumer b. most of the tax will be paid by the producer c. all of the tax will be paid by the consumer d. all of the tax will be paid by the producer e. the tax will be paid by the retailer
Demand-side changes explain everything about stagflation.
Answer the following statement true (T) or false (F)
If a firm has implicit costs as well as explicit costs
A) net income will always be less than accounting profit. B) accounting profit will be zero. C) net income will always be greater than accounting profit. D) economic profit will be less than accounting profit.