Which of the following is NOT a monetary policy goal?
A) keeping long-term interest rates moderate
B) maintaining stable prices
C) keeping a high exchange rate for the dollar
D) promoting maximum employment
E) All of the above are monetary policy goals.
C
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Laborland has 1 million workers. Suppose 50,000 workers migrate from a neighboring country to join Laborland's work force. Which of the following will happen in this case if Laborland's capital stock remains unchanged?
A) The country's income per worker will increase. B) The total efficiency units of labor in the economy will decrease. C) The relationship between output and capital stock becomes negative. D) The marginal contribution of labor to Laborland's output will fall.
Economies of scale can occur as a result of which of the following?
A) increasing marginal returns as the firm increases its size B) lower fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization of labor and capital as the firm increases its size E) increased total cost when the firm increases its size
Deep integration
A) is easier to achieve than shallow integration. B) is less controversial than shallow integration. C) does not require changing domestic policies unrelated to tariffs and quotas. D) requires cooperation with other national governments or international bodies. E) can be implemented unilaterally.
When a shortage occurs in the market for a good, quantity
A. demanded exceeds quantity supplied and the market mechanism pushes the price up, which in turn encourages more production and less consumption. B. supplied exceeds quantity demanded and the price falls, which encourages more production and less consumption. C. demanded exceeds quantity supplied and the market mechanism pushes the price down, which encourages more production and less consumption. D. supplied exceeds quantity demanded and the price rises, which encourages more production and less consumption.