Who determines the size of the money supply in the U.S.?
A. the Federal Reserve
B. the Federal Reserve and the banking system together
C. the Federal Reserve and the Treasury Department together
D. the Treasury Department
Answer: B
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Economic theory and experience since 1973 indicate that, under floating exchange rates, a country's fiscal and monetary policies in the short-run and the long-run can
A) have both domestic and foreign economic impact. B) have domestic or foreign economic impact, but not both. C) have domestic but not foreign economic impact. D) have foreign but not domestic economic impact. E) have neither domestic nor foreign economic impact.
A monopolist is producing at an output level at which ATC = $5, P = $6, MC = $3, and MR = $4. We can conclude that
A) economic profit could be increased by producing more. B) economic profit could be increased by producing less. C) economic profit cannot be increased. D) the firm is earning $10 in economic profits.
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise
Imitation as a strategy for acquiring new technology is based on the difference in effort between
a. creating it and thinking of it. b. creating it and looking it up. c. looking it up and writing it down. d. discovering it and innovating it.