Monetary policy is conducted by
A. only the president.
B. only Congress.
C. both the president and Congress.
D. neither the president nor Congress.
D. neither the president nor Congress.
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Assume the market for cage-free eggs is perfectly competitive. All else equal, as more farmers choose to produce and sell cage-free eggs, what is likely to happen to the equilibrium price of the eggs and profits of these farmers in the long run?
A) The equilibrium price is likely to remain unchanged and profits are likely to increase. B) The equilibrium price is likely to decrease and profits are likely to decrease. C) The equilibrium price is likely to increase and profits are likely to increase. D) The equilibrium price is likely to increase and profits are likely to remain unchanged.
A consumer consumes two normal goods, coffee and chocolate. The price of coffee rises. The income effect, by itself, suggests that the consumer will consume
a. more coffee and more chocolate. b. less coffee and less chocolate. c. more coffee and less chocolate. d. less coffee and more chocolate.
According to the circular-flow diagram GDP
a. can be computed as the total income paid by firms or as expenditures on final goods and services. b. can be computed as the total income paid by firms, but not as expenditures on final goods and services. c. can be computed as expenditures on final goods and services, but not as the total income paid by firms. d. cannot be computed as either total income paid by firms or expenditures on final goods and services.
The short-run market supply in a perfectly competitive market is the horizontal summation of the firms' marginal cost curves when
A. increases in industry output do not affect input prices. B. increases in industry output lead to increases in market price. C. increases in industry output do not affect market price. D. increases in industry output lead to increases in input prices.