The Fed's "dual mandate" is to achieve ________
A. a government budget surplus and low interest rates
B. low inflation and maximum employment
C. a stable quantity of money and stable prices
D. zero unemployment and a stable means of payment
B The Fed's dual mandate reflects its major goals.
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Using the data in the table above, at the price of $80 a phone,
A) a shortage of 25,000 cellular telephones occurs. B) a surplus of 80,000 cellular telephones occurs. C) a surplus of 25,000 cellular telephones occurs. D) a shortage of 55,000 cellular telephones occurs. E) the market is in equilibrium.
With regard to colonial land settlement and the land beyond the Appalachians,
(a) secure land titles had to come from established authority; land typically could not be claimed simply by "squatting" on it. (b) throughout most of the colonial period, authority over the land beyond the Appalachians was not easy to establish because both the English and the French laid claim to most of the Mississippi watershed. (c) the original grants of land to colonial settlers from the crown had been "from sea to sea." (d) all of the above are true.
An input's marginal revenue product is given by
a. the input's marginal expense times marginal revenue. b. the input's marginal expense times the input's marginal physical productivity. c. marginal revenue times the number of units employed. d. the input's marginal physical productivity times marginal revenue of the firm's output.
Economists who adhere to the laissez-faire antitrust perspective:
A. view competition as a long-run dynamic process in which firms battle for dominance of markets but rarely can sustain such dominance once it is achieved. B. believe the antitrust laws are as important today as they were when they were passed in the early 1900s. C. say that an industry's structure, which is based on economies of scale, usually predicts the behavior of the industry firms. D. contend that large, dominant firms should be broken into smaller competitive firms and then government should stand back and let competition prevail.