Monetary policy in the United States is the responsibility of the:
a. U.S. Treasury
b. Internal Revenue Service
c. Federal Reserve
d. Office of Management and Budget
c. Federal Reserve
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GA 400 is a state highway that runs through part of Atlanta,GA. In order to travel on one portion of GA 400, drivers are required to pay a toll. It follows that section of GA 400 will exhibit non-rivalry in consumption if
a. the road is congested. b. the road is not congested. c. the toll is decreased. d. the the toll is completely removed.
Which of the following would most likely increase the demand for televisions?
a. A decrease in the price of televisions. b. A decline in consumer income. c. A decrease in the price of home stereo systems, a substitute for televisions. d. A decrease in the price of DVD players, a product that is complementary with televisions.
"Supply curves are upward sloping" is a graphical way of saying
a. supply equals demand b. price and quantity supplied are inversely related c. price and quantity demanded are directly related d. price and quantity supplied are directly related e. price and quantity demanded are inversely related
Figure 11.2Figure 11.2 shows demand and costs for a monopolistically competitive firm. In the long run we expect:
A. the firm to produce more output at a higher price. B. the firm to charge a price which is equal to its average cost of production. C. the firm to experience a decrease in the average cost of production. D. the firm to earn a greater profit.