International feedback effects ________________ the impact on the unemployment rate of __________________ monetary policy
A) dampen; only expansionary
B) dampen; expansionary and contractionary
C) amplify; only contractionary
D) amplify; contractionary and expansionary
D
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A negative externality exists if
A) there are quantity controls in a market. B) the marginal social cost of producing a good or service exceeds the private cost. C) there are price controls in a market. D) the marginal private cost of producing a good or service exceeds the social cost.
Marginal cost is always greater than zero, regardless of the output level
Indicate whether the statement is true or false
The Federal Reserve System was established by Congress in 1914
a. as a result of a breakthrough in economic theory. b. against significant opposition from the banking sector. c. because of the need for a central bank. d. as the world's first central bank.
Can a perfectly competitive firm make an economic profit in the short run? Can it incur an economic loss?
What will be an ideal response?