Money aggregates can best be defined as a set of measures of the amount of:
A. U.S. currency the Bureau of Printing and Engraving has produced.
B. money the Federal Reserve has on deposit as reserves.
C. money available to the economy over a year.
D. money that exists at a particular point in time.
Answer: D
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Inputs in production processes are called resources.
Answer the following statement true (T) or false (F)
The above figure shows the demand and cost curves for a firm in monopolistic competition in the long run. The firm maximizes its profit by
A) producing 4 units and charging a price of $15. B) producing 8 units and charging a price of $5. C) producing 16 units and charging a price of $10. D) None of the above answers is correct.
If the government has enough knowledge about a market and the damage it causes through pollution, it can force the socially optimal output
A) through an emission fee. B) using a ban on pollution. C) by deregulating to eliminate the monopoly. D) All of the above.
The law of demand is graphically depicted as a(n)
a. vertical demand curve b. horizontal demand curve c. downward-sloping demand curve d. upward-sloping demand curve e. curved demand line