In utilizing unconventional monetary policy in 2009, the Federal Reserve purchased
a. real estate worth more than $2 trillion.
b. $800 billion in Treasury bills.
c. over $1 trillion in mortgage backed securities.
d. $600 billion in long-term Treasury bonds.
c
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Figure 7-6
Which of the lines in Figure 7-6 represents a typical average fixed cost curve?
A. 1 B. 2 C. 3 D. 4
If a firm needs one machine to produce a product, and must replace the machine when it wears out, then the firm should pick a durability level of the machine that
A) minimizes the expense today. B) minimizes the present discounted cost of having the machine forever. C) maximizes the future value of the machine. D) minimizes the future value of the machine.
A good example of a monopolistic competitive industry is
A) the U.S. auto industry. B) the public utility industry. C) the computer game industry. D) mining.
Define consumer surplus. Using a graph, explain the change in consumer surplus that would result from a decrease in the price of a gasoline.
Refer to Figure 6.8.
What will be an ideal response?