Which one of the following manages monetary policy for Ireland?
(a) The Federal Reserve Bank in America.
(b) The Bank of England.
(c) The European Central Bank in Frankfurt.
(d) The Bank of Ireland.
Answer: (c) The European Central Bank in Frankfurt.
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If the HHI for an industry equals 3,200,
A) firms in the industry are most likely to make zero economic profit B) the industry is probably an oligopoly C) firms in the industry are likely to act independently of each other D) firms in the industry must enter a cartel in order to earn an economic profit E) the industry is almost surely monopolistic competition
Figure 13-2 above illustrates an economy with an unstable commodity demand and two possible Fed policies, a constant real money supply or a constant interest. Which policy target promotes a stable economy best?
A) constant money supply, A0 to A1 B) constant money supply, B0 to B1 C) constant interest rate, A0 to A1 D) constant interest rate, B0 to B1
A nation's standard of living is determined by
a. the percentage of its GDP that is accounted for by government purchases. b. the quantity of natural resources with which it is endowed. c. the productivity of its workers. d. factors and events that are beyond the nation's control.
The substitution effect suggests that, when consumers judge product quality by price, they will substitute high-priced products for low-priced products.
a. true b. false