The Federal Reserve has:
A. made some booms and recessions worse rather than better.
B. a good track record of only making booms and recessions better.
C. made some recessions worse but generally makes booms better.
D. made some booms worse but generally makes recessions better.
Ans: A. made some booms and recessions worse rather than better.
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The circular flow is used to make the point that
A) unemployment only occurs during a recession. B) production generates income. C) rising prices never occur during times of unemployment. D) households purchase factors of production from firms.
When a nation exports a good, its ________ surplus decreases and its ________ surplus increases
A) consumer; total B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
Refer to the scenario above. Which of the following statements is true of the demand curve that the monopolist faces in the price range of $6 to $10?
A) The demand curve is elastic in the price range. B) The demand curve is inelastic in the price range. C) The demand curve is vertical in the price range. D) The demand curve is upward sloping in the price range.
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 3 hours B. 2 hours C. 1 hour D. 4 hours