The Fed first announced an inflation target of 2% in
A. 2015.
B. 2012.
C. 2005.
D. 1979.
Answer: B
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The price of apples is currently $1 per pound. If apples are sold in a competitive market and the price of apples increases to $2 per pound, the marginal revenue product (MRP) of labor used to produce apples would
A. double. B. change in a manner that cannot be determined without additional information. C. be cut in half. D. not change.
The National Bank Act of 1863, and subsequent amendments to it
A) created a banking system of state-chartered banks. B) established the Office of the Comptroller of the Currency. C) broadened the regulatory powers of the Federal Reserve. D) created insurance on deposit accounts.
Research in history and economic history shows that before 1880, significant federal participation in the markets of the American economy occurred
Indicate whether the statement is true or false
Which of the following is an implication of the law of diminishing returns?
a. Total output will decline as more workers are hired. b. In the long run, average total cost will eventually decline as output is expanded. c. In the short run, expansion of output will eventually lead to increases in marginal cost and average total cost. d. A doubling of all inputs will lead to more than a doubling of output.