Which of the following are costs incurred by people trying to protect themselves from the effects of inflation?
a. menu costs and shoeleather costs
b. menu costs but not shoeleather costs
c. shoeleather costs but not menu costs
d. menu costs but not shoeleather costs
a
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Once decreasing marginal returns sets in a production process ________ declines
a. total revenue b. total product c. average product d. marginal product
Central banks that have a hierarchical mandate with inflation targeting basically are saying:
A. hitting the inflation target comes first, everything else comes second. B. the inflation target is the second most important goal after economic growth, which is always the most important goal for monetary policymakers. C. hitting the inflation target is the only objective. D. hitting the inflation target is the first priority after all other stated objectives are reached.
Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus.
B) create less economic profit.
C) create a deadweight loss.
D) Both answers A and C are correct.
Monetary policy has ________ impact on the long-run Phillips curve
A) a positive B) no C) a negative D) an unpredictable