A newspaper headline reads: "Fed Raises Discount Rate for Third Time This Year." This headline indicates that the Federal Reserve is most likely trying to ________.
A. reduce the cost of credit
B. stimulate the economy
C. reduce inflationary pressures in the economy
D. increase the money supply
Answer: C
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Scarcity is a concept that applies to all of the following except
A. time. B. natural resources. C. human wants. D. machinery.
The above figure shows the market demand curve for long-distance telephone calls
Suppose the marginal cost of a long-distance telephone call is 2ยข a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry. If the firms in the industry operate as perfect competitors, there are ________ minutes of calls made per hour. A) between 0 and 3 million B) more than 3 million and less than or equal to 5 million C) more than 5 million and less than or equal to 7 million D) more than 7 million and less than or equal to 9 million E) more than 9 million
A favorable supply shock shifts the production function curve ________ and the labor demand curve ________
A) upward, upward B) upward, downward C) downward, upward D) downward, downward
Which of the following factors tends to foster the development of an oligopoly?
A. Economies of scale B. Foreign competition C. Antitrust legislation D. Low barriers to entry