A market in which there is only one seller, and there is no close substitute for the product being sold, is called
A) perfect competition.
B) monopolistic competition.
C) monopoly.
D) oligopoly.
C
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The IV estimator can be used to potentially eliminate bias resulting from
A) multicollinearity. B) serial correlation. C) errors in variables. D) heteroskedasticity.
When the Fed lowers the growth rate of the money supply, it must take into account
a. only the short-run effect on production. b. only the short-run effects on inflation and production. c. only the long-run effect on inflation. d. the long-run effect on inflation as well as the short-run effect on production.
The concept of the monetary policy rule is based on the assumption that:
A. discretionary fiscal policy crowds out investment spending. B. the natural rate of unemployment is constant in the long run. C. monetary policy lags are shorter than fiscal policy lags. D. the velocity of money is constant in the short run.
Which statement is true?
A. A firm will operate in the short run if total revenue is greater than variable costs. B. A firm will shut down if variable costs are greater than total revenue. C. A firm is operating at peak efficiency if its average total cost is held to a minimum. D. All of the statements are true.