Which of these is NOT one of the issues that makes it difficult for the Fed to choose the right course of action at the right time?
A. The Fed's incomplete and imperfect control of the money supply
B. The quality of the data the Fed uses
C. The time that it takes for the Fed to decide on a course of action
D. The time it takes for Fed action to have an impact
Ans: C. The time that it takes for the Fed to decide on a course of action
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Cross-price elasticity of demand is calculated as the
A) percentage change in quantity sold divided by percentage change in buyers' incomes. B) percentage change in quantity supplied divided by percentage change in price of a good. C) percentage change in quantity demanded of one good divided by percentage change in price of a different good. D) percentage change in quantity demanded divided by percentage change in price of a good.
If the opportunity cost of producing wheat in Canada is four buffalo and the opportunity cost of producing wheat in the U.S. is two buffalo then we know that
a. Canada has both a comparative advantage and absolute advantage producing wheat b. Canada has a comparative advantage producing wheat c. the U.S. has an absolute advantage producing wheat d. the U.S. has both a comparative advantage and absolute advantage producing wheat e. the U.S. has a comparative advantage producing wheat
A profit-maximizing monopolist charges a price of $12 . The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $6 . Average total cost for 10 units of output is $5 . What is the monopolist's profit?
a. $60 b. $70 c. $100 d. $120
A subsidy for pollution not produced can induce producers to pollute at the efficient level.
A. True B. False C. Uncertain