In the U.S., the organization that is responsible for monetary policy is
a. the Congress.
b. the President.
c. the Federal Reserve.
d. a cartel of private banks.
e. the Supre
c. the Federal Reserve.
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Why is trade based on comparative advantage?
What will be an ideal response?
In which of the following forms of regional trading agreement are rules of origin required?
a. a free-trade area b. a customs union c. a common market d. an economic union
?
Exhibit 8-3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
In Exhibit 8-3, what is the maximum hourly profit that GeneTech can earn from its vaccine?
A. $1,500. B. $3,000. C. $4,500. D. $10,500.
Which is FALSE about perfect competition?
A. Market entry and exit is unrestricted. B. There is no ability to set price. C. There is considerable product differentiation. D. There are numerous sellers.