The monetary rule is the view of the


monetarists that the Fed should expand the money supply at a constant rate

Economics

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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is

A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda. B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda. C) 1 hour for Agnes and 1/2 hour for Brenda. D) 1 hour for Agnes and 2 hours for Brenda.

Economics

In a monopoly market structure, the firm (the monopolist) always

A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.

Economics

For a fixed proportion production function, at the vertex of any of the (L-shaped) isoquants the marginal productivity of either input is:

a. constant. b. zero. c. negative. d. a value that cannot be determined.

Economics

In the case of oligopolistic markets, self-interest makes cooperation difficult and it often leads to an undesirable outcome for the firms that are involved

a. True b. False Indicate whether the statement is true or false

Economics