For a monopoly, the marginal revenue curve ________ its demand curve.
A. is the same as
B. is below
C. is above
D. has no relation to
Answer: B
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Which of the following is the Fed's monetary policy instrument?
A) the demand for reserves B) the supply of reserves C) the federal funds rate D) the core inflation rate E) the output gap
A star basketball player signs a contract that newspaper reports indicate is worth $10 million. The player receives $2 million upon signing, and $2 million every year for four years. The contract is worth
A) less than $10 million since the present value of $2 million received one or more years from now is less than $2 million. B) more than $10 million since the present value of $2 million received one or more years from now is more than $2 million. C) $10 million as reported in the press. D) some amount around $10 million. To determine whether it is more or less than $10 million we need to know whether the interest the player can earn is more or less than the market rate of interest.
If the cross-elasticity of demand for two goods is positive, this means that the goods are:
a. normal goods. b. inferior goods. c. substitutes. d. complements.
Which of the following statements about gross domestic product and gross national product is true?
a. Gross domestic product includes income payments to foreigners for their work domestically; gross national product does not. b. Gross domestic product includes the income earned abroad by domestic citizens; gross national product does not. c. Gross domestic product includes exports; gross national product does not. d. GDP and GNP are equal.