Which of the following central banks does not have an explicit inflation target?
a. The Bank of England
b. The Federal Reserve
c. Swiss National Bank
d. European Central Bank
b
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Which of following is true of monopoly and not of perfect competition?
a. Profit is maximized where marginal cost equals marginal revenue b. The industry demand curve is also the firm's demand curve c. Normal profits are made only if average total cost equals average revenue d. Profit is maximized in the elastic portion of the demand curve e. the firm has no control over the market price
The most common international poverty measure is:
A. the number of people living on less than $1.90 per day. B. the number of people living on less than $5 per day. C. the absolute poverty line, as defined by the U.S. Census Bureau. D. the poorest 1 percent of income earners within a given country.
Firms are willing to change the aggregate quantity of output supplied based on price in:
A. the short run only. B. the long run only. C. both the short and long run. D. Price does not affect the quantity that firms supply.
Lower transaction costs are a benefit of fixed exchange rates. Therefore, relative prices in two trading nations linked by fixed exchange rates should:
A) experience more price divergence. B) experience more price convergence. C) have less arbitrage and more speculation. D) have lower costs of production.