In the Governing Council, the decision of what policy to implement is made by
A) majority vote of the Executive Board members.
B) majority vote of the heads of the National Banks.
C) consensus.
D) majority vote of all members of the Governing Council.
C
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Economic growth can be portrayed as a(n)
A. movement from a point on to a point inside a production possibilities frontier. B. outward shift of the production possibilities frontier. C. movement from one point to another point on a fixed production possibilities frontier. D. inward shift of the production possibilities frontier.
Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = L2 × ?(L + 2K). The firm currently uses 100 units of capital. Assuming labor is finely divisible, graph the firm's short-run production function for the first five workers.
What will be an ideal response?
The demand curve faced by a pure monopolist
A. is the market demand curve. B. lies below the marginal revenue curve. C. is the same as its marginal revenue curve. D. is perfectly inelastic.
Which monetary aggregate is the least broad?
A. the monetary base B. M2 C. cash held by the public D. M1