Monopolistically competitive firms sell differentiated products.
Answer the following statement true (T) or false (F)
True
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For certain public projects such as building a dam on a river or a bridge to an island, what procedure is a government likely to use to determine what quantity of a public good should be supplied?
A) It hires economists to estimate the market demand for the product. B) It evaluates the costs and benefits of producing the good. C) It takes a vote in Congress. D) It conducts public surveys to determine if consumers want the product.
most frequently the federal reserve implements monetary policy by
What will be an ideal response?
For economists, "myopia" refers to:
A. visual nearsightedness. B. people's difficulty in conceptualizing the future. C. people's tendency to put too much emphasis on the future and ignore important present concerns. D. people's tendency to focus on microeconomic concerns because of an inability to conceptualize macroeconomics.
The most desirable inflation rate is the rate that
A. Maximizes the "wealth effect" of inflation. B. Has the least effect on the behavior of companies, investors, consumers, and workers. C. Coincides with an unemployment rate of 0 percent. D. Equals the official goal of 3 percent.