A 1977 amendment to the Federal Reserve Act of 1913
a. says the Federal Reserve should only promote maximum employment
b. says the Federal Reserve should only promote price stability
c. says the Federal Reserve should promote price stability and maximum employment, but does not specify how the Federal Reserve should weight these goals.
d. says the Federal Reserve should promote price stability and maximum employment, but specifies that it place more weight on promoting price stability.
c
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With respect to labor supply, the substitution effect means a
A) person increases his or her hours of labor in response to a higher wage rate. B) person decreases his or her hours of labor in response to a higher wage rate. C) person substitutes high paying work for low paying work. D) firm substitutes capital for labor.
Which primary trade partner of India suffered setbacks that ultimately helped lead India to embark on economic reform?
A) The United Kingdom B) The United States C) The Soviet Union D) South Korea
The market price for Chinese televisions recently changed from $200 per television set to $150 . _____, will benefit the most from this change in price
a. Lee Gadgets Co., a retail shop that sells Chinese televisions to consumers b. Wayne Inc., a manufacturer of Chinese televisions c. Harry, a consumer who buys a Chinese television set d. Light Inc., a wholesaler who sells Chinese televisions to retailers
A perfectly competitive firm will minimize its losses by shutting down when:
A) P < AVC at the profit-maximizing level of output. B) P < ATC at the profit-maximizing level of output. C) P < MC at the profit-maximizing level of output. D) P < TFC at the profit-maximizing level of output.