The perfectly competitive firm's total revenue curve
A) is linear and upward sloping.
B) has a constant slope.
C) has a positive slope.
D) all of the above.
D
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Some economists believe that a positive aggregate demand shock to an economy with large amounts of excess capacity and unemployment does not necessarily cause an increase in prices. Economists who adhere to this belief are followers of
A) Keynesian economics. B) Say's laws of economics. C) classical economics. D) supply-side economics.
The scientific method uses models to ___________
A. clarify normative disagreements B. avoid the need to study real questions C. replicate all the features of the real world D. focus on those features of reality assumed relevant for understanding a cause and effect relationship
The sum of the Fed's monetary liabilities and the U.S. Treasury's monetary liabilities is called
A) the money supply. B) currency in circulation. C) bank reserves. D) the monetary base.
Which of the following is NOT a responsibility of the Board of Governors?
A) approving bank mergers B) determining permissible activities for bank holding companies C) carrying out open market operations D) setting the salaries of the presidents and officers of district banks