Ongoing inflation means the Fed must respond to
a. an upward-shifting AS curve
b. a downward-shifting AS curve
c. changing interest rate targets
d. a depression
e. a lower real interest rate
A
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Keith is a perfectly competitive carnation grower. The market price is $2 per dozen carnations. Keith's average total cost to grow carnations is $2.50 per dozen. In the long run, Keith will
A) raise his price to more than $2.50 per dozen carnations. B) raise his price to $2.50 per dozen carnations. C) exit the industry if the price and his costs do not change. D) incur an economic loss. E) continue to make an economic profit.
In the figure above, the U.S. government's revenue from the tariff is ________
A) $64 million B) $32 million C) $128 million D) $48 million
The economic profits of many monopoly firms are reduced as a result of
a. rent-seeking activity b. government regulation c. demand inducement d. rent-seeking activity and price floors e. both a. and b.
If an economy's exports are $600 billion and its imports are $750 billion, its net exports are
A) $1,550 billion B) $150 billion C) -$150 billion D) 1.07.