Which of the following is considered to be a goal of monetary policy?
A) a low federal budget deficit
B) fair wages
C) price stability
D) an end to poverty
C
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Refer to Table 21-1. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) 1% B) 2% C) 3% D) 4%
Most trade between Mexico and the United States is intrafirm
Indicate whether the statement is true or false
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. What is the market equilibrium quantity?
A. 5 gallons per day B. 35 gallons per day C. 50 gallons per day D. 100 gallons per day
If we use a narrow definition of monopoly, then a monopoly is defined as a firm
A) that has been granted special production rights by the government. B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products. C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes. D) that has the largest market share in an industry.