Explain the effects of a tariff on domestic production, the quantity bought, and the price
What will be an ideal response?
A tariff raises the domestic price of the product. The higher price increases domestic production and decreases the domestic quantity purchased.
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What was the lowest federal funds rate target the Fed set in response to the financial crisis?
a. 0% b. 1.8% c. 2.0% d. 2.2%
Money doesn't have to have any inherent value to function as a medium of exchange.
Answer the following statement true (T) or false (F)
What quantity should the purely competitive firm produce to maximize profits? Analyze from a total revenue and total cost perspective and a marginal revenue and marginal cost perspective
What will be an ideal response?
Automatic stabilizers
A. are never altered. B. must be determined by the Congress in each budget. C. work counter-cyclically to moderate the business cycle. D. often make any downturn in the economy worse.