The fundamental objective of monetary policy is to assist the economy in achieving:
a. A rapid pace of economic growth
b. A money supply which is based on the gold standard
c. A balanced-budget consistent with full-employment
d. A full-employment, noninflationary level of total output
d. A full-employment, noninflationary level of total output
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A reduction in the tariff on imported steel would most likely benefit a. workers in the steel industry
b. the domestic consumers of steel. c. the domestic producers of steel. d. foreign producers at the expense of domestic consumers.
The point where the PPF intersects the horizontal axis is
A) unattainable. B) attainable and productive efficient. C) attainable but productive inefficient. D) attainable and neither productive efficient nor productive inefficient.
Studies show that as real income has been rising in the United States, the per-capita demand for food has been increasing by
A) much less, which means the demand for food is income inelastic. B) much more, which means the demand for food is income elastic. C) much more, which means the demand for food is income inelastic. D) as much, which means the demand for food is unit elastic. E) none of the above
Exhibit 7-10 Price and cost data for a firm Q P AVC ATC MC 0 $12 ? ? ? 1 12 3 5 5 2 12 5 6 7 3 12 7.3 8 12 4 12 9.5 10 16 In Exhibit 7-10, the maximum possible total profit is:
A. $36. B. $24. C. $12. D. $8.