The Fed, when operating efficiently, is able to control both the money supply and the interest rate at the same time
Indicate whether the statement is true or false
F
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The percentage markups which sellers use
A) are based on their estimates or guesses about marginal cost and marginal revenue for particular goods. B) are between 10 and 15 percent. C) are the same on all products of a single firm. D) differ between products but are the same on average for all firms.
A public choice is
A) a decision that affects one person. B) a decision that affects no one. C) a decision made in public. D) a decision that affects an entire society.
Notice the costs as given in the table below. What is the marginal cost when total cost is $23?
A. $3 B. $2 C. $1 D. $5