Which of the following are policy tools used by the Federal Reserve?
i. the federal personal income tax
ii. open market operations
iii. changing the required reserve ratio
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
D
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The average number of times that a dollar is spent in buying the total amount of final goods and services produced during a given time period is known as
A) gross national product. B) the spending multiplier. C) the money multiplier. D) velocity.
Refer to Scenario 12.3. What price would this new drink sell for if it sold in a competitive market?
A) 0 B) $3 C) $13.50 D) $16.50 E) $27
The optimal level of inventories is the level at which the extra cost (in lost sales) from lowering inventories by a small amount is greater than the gain (in interest revenue and decreased storage costs).
Answer the following statement true (T) or false (F)
If the price of a unit of output for a perfectly competitive firm is $5 and the profit-maximizing condition is met, then MPL/PL = MPK/PK = MPA/PA will be equal to
A. $5. B. $1.67. C. $0.20. D. $0.05.