What is the key day-to-day operating tool of monetary policy?
a. corporate stocks
b. government bonds
c. treasury bills
d. domestic commodities
b. government bonds
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The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table
A) France has a comparative advantage in the production of concrete. B) the United States has a comparative advantage in the production of concrete. C) France has an absolute advantage in the production of concrete. D) the United States has a comparative advantage in the production of both goods.
Electric utility companies have built larger and larger electric generating stations and, as a result, the long-run average cost of producing each kilowatt hour decreased. This is an example of
A) increasing marginal returns. B) diminishing marginal returns. C) economies of scale. D) diseconomies of scale.
Restrictions on the importation of tomatoes reduce the supply available to the U.S. domestic market. Studies indicate that the demand for tomatoes is elastic. Compared to a free-trade situation, the import restrictions cause
a. higher tomato prices and an increase in consumer expenditures on tomatoes in the United States. b. lower tomato prices and an increase in consumer expenditure on tomatoes in the United States. c. lower tomato prices and a reduction in consumer expenditure on tomatoes in the United States. d. higher tomato prices and a reduction in consumer expenditure on tomatoes in the United States.
One of the keys to reducing poverty is
A. Government control of resources. B. Increased economic growth. C. The redistribution of existing incomes. D. Increased population growth.