A firm sells grapefruit in a perfectly competitive market at a price of $1.50 per pound. The firm's marginal revenue:
a. equals $1.50
b. is less than $1.50.
c. is greater than $1.50.
d. cannot be determined from the information provided.
a
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If the Federal Reserve purchases newly issued government bonds, the government is said to be
A) borrowing from the public. B) monetizing the deficit. C) borrowing from itself. D) fiscalizing the deficit.
Which term refers to the percentage of the population who live below the poverty line?
a. Poverty rate b. Near-poor c. Poverty gap d. Income class
Many economists, both liberal and conservative, were critical of much of the early environmental legislation. An important reason for the economists' critique was that economists:
A. trusted the market to solve all problems of resource use. B. worried about fairness of regulations more than noneconomists did. C. worried that the costs sometimes were greater than the benefits. D. thought the goals of the legislation were wrong.
Under the monetary approach to exchange rate theory, money supply growth at a constant rate
A) eventually results in ongoing price level deflation at the same rate, but changes in this long-run deflation rate do not affect the full-employment output level or the long-run relative prices of goods and services. B) eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do affect the full-employment output level and the long-run relative prices of goods and services. C) eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level or the long-run relative prices of goods and services. D) eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level, only the long-run relative prices of goods and services. E) eventually results in ongoing price level deflation at the same rate, but changes in this long-run deflation rate do not affect the full-employment output level, only the long-run relative prices of goods and services.