________ policy and ________ policy have similar recognition time lags.
A. Growth; recession
B. Fiscal; monetary
C. Implementation; response
D. Contractionary; expansionary
Answer: B
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In a market, the rationing function of prices results in
A) long queues or waiting lines. B) a price ceiling. C) equilibrium. D) a shortage or surplus.
A natural monopoly arises in an industry in which the per-unit cost of production is: a. lowest when there are a large number of producers in the industry. b. lower for the smaller firms than for larger firms
c. minimized at the output where the industry's profit is maximum. d. lowest when a single firm produces the entire output of the industry.
A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.
A judge requires Harry to make a payment to Sally. The judge says that Harry can pay her either $10,000 today or $11,000 two years from today. Of the following interest rates, which is the lowest one at which Harry would be better off paying $11,000 two years from today?
a. 2 percent b. 3 percent c. 4 percent d. 5 percent