Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, it is earning a profit of
A. $0.
B. $80.
C. $120.
D. $320.
Answer: B
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The Federal Open Market Committee (FOMC) of the Federal Reserve System is primarily for
A. issuing currency and acting as the fiscal agent for the federal government. B. maintaining cash reserves that can be used to settle international transactions. C. setting the Fed's monetary policy and directing the purchase and sale of government securities. D. supervising banks to make sure that markets are open to all and remain competitive.
Consider the case of time fixed effects only, i.e., Yit = ?0 + ?1Xit + ?3St + uit,
First replace ?0 + ?3St with ?t. Next show the relationship between the ?t and ?t in the following equation Yit = ?0 + ?1Xit + ?2B2t + ... + ?TBTt + uit, where each of the binary variables B2, …, BT indicates a different time period. Explain in words why the two equations are the same. Finally show why there is perfect multicollinearity if you add another binary variable B1. What is the intuition behind the fact that the OLS estimator does not exist in this case? Would that also be the case if you dropped the intercept? What will be an ideal response?
The MRP of labor will shift to the left if
A. wages decrease. B. labor productivity decreases. C. labor productivity increases. D. wages increase.
In a "black market," goods are traded at market determined prices.
Answer the following statement true (T) or false (F)