The marginal revenue curve of a monopolistically competitive firm will always lie:
A. below the firm's demand curve.
B. parallel to the firm's demand curve.
C. parallel to the firm's quantity axis.
D. above the firm's demand curve.
Answer: A
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Using the information in Table 6.2, the inflation rate from 2014 to 2015 is about
A) 26 percent. B) 38 percent. C) 42 percent. D) 49 percent.
There is no completely satisfactory way to define the money supply in the United States because
A) data on the money supply are always approximate and only available after a time lag of several months. B) much of it is held by the public and so cannot be monitored by the Fed. C) the Federal Reserve uses a number of different definitions. D) the liquidity of any asset is a matter of degree.
When exchange rates are not determined in the market but are instead set by a country's central bank, we say that the country's exchange rate is
A) fixed. B) a real exchange rate. C) flexible. D) a nominal exchange rate.
Which of the following is true about the distribution of income in the U.S. in the last three decades?
A) For much of this period real wages paid to college graduates have risen significantly. B) Real wages paid to blue-collar workers have grown only slightly. C) There has been a shift in the distribution in income across various segments of the economy, with the real earnings of the richest in America rising to record levels. D) All of the above are true.