The Fed has announced that its views its long term target for the inflation rate as:
A. 5%.
B. 0%.
C. 2%.
D. 10%.
Answer: C
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If the price of salmon increases relative to the price of cod, the demand for:
A) cod will decrease. B) cod will increase. C) salmon will decrease. D) salmon will increase.
Since the end of World War II, corporate income taxes have accounted for
a. an increasing share of federal revenue. b. a steady share of federal revenue. c. a declining share of federal revenue. d. a rising share of revenue until 1980, and then a falling share.
World output of goods and services increases with specialization because
A. Each country's workers are willing to work harder than they did before specialization. B. The world's workers are more educated than before specialization. C. Each country's production possibilities curve shifts rightward. D. The world's resources are being used more efficiently.
?Refer to Exhibit 15-5. In the game:
a. ?the dominant strategy of General Mills is to set a high price.
b. ?the dominant strategy of Kellogg's is to set a low price.
c. ?the dominant strategy of Kellogg's is to set a high price.
d. ?neither firm has a dominant strategy.