The basic organizing framework for both microeconomic and macroeconomic models is
a. purely competitive markets.
b. government planning of the economy.
c. demand and supply.
d. democratic socialism.
e. all of the above.
c
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The Fed makes an open market operation purchase of $200,000. The currency drain ratio is 33.33 percent and the desired reserve ratio is 10 percent. By how much does the quantity of money increase?
A) $800,000 B) $333,333 C) $2,000,000 D) $615,416 E) $465,116
The above figures show the market for gasoline. Which figure(s) shows the effect of a new U.S. tax on oil that suppliers must pay?
A) Figures A and C B) Figures B and D C) Figure A only D) Figure C only
If a firm has a downward-sloping long-run average cost curve over the entire range of market demand, it is a
a. local monopoly b. resource monopoly c. monopsony d. output monopoly e. natural monopoly
A major cause of the Great Recession was:
a. The liberalization of U.S. banking regulations that led to excessive risk taking. b.Excessive foreign exchange speculation. c. Contractionary fiscal policies. d. Excessive money creation by the Federal Reserve immediately before and during the downturn. e. None of the above.