Monetary policy is conducted
A) only by the Federal Reserve.
B) by the Federal Reserve and the President of the United States.
C) by the Federal Reserve, the President of the United States, and Congress.
D) by the Federal Reserve with veto power residing with the President of the United States.
A
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If capital gains equal zero, then the Ng family's wealth at the end of the year equals their wealth at the beginning of the year
A) plus consumption minus income. B) plus income. C) plus saving. D) minus personal income taxes. E) minus consumption.
The arrival of inexpensive information technology, such as personal computers and inexpensive telecommunications:
a. discouraged de-integration. b. increased the optimal size of firms. c. shifted the long-run average cost (LRAC) curve of firms downward. d. shifted the marginal cost of firms upward.
Because every transaction has a buyer and a seller,
a. GDP is more closely associated with an economy's income than it is with an economy's expenditure. b. every transaction contributes equally to an economy's income and to its expenditure. c. the number of firms must be equal to the number of households in a simple circular-flow diagram. d. firms' profits are necessarily zero in a simple circular-flow diagram.
The figure above shows the demand and cost conditions for a firm with two plants. In order to maximize profit, how many units of output should the firm produce?
A. 10 B. 20 C. 30 D. 40 E. 50