GDP data alluding to the start of a recession in January 2015 was published and analyzed by the Fed in July 2015. The Fed then had to hold meetings to formulate a monetary policy to deal with the recession, and then enact the chosen policy
This exemplifies a(n) A) recognition lag.
B) implementation lag.
C) impact lag.
D) liquidity lag.
B
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Which of the following represents a price elastic supply?
A) The quantity demanded increases 18 percent as a result of a decrease in the price of 8 percent. B) The price rises by 8 percent causing the quantity demanded to fall by 10 percent. C) The quantity supplied increases by 21 percent as a result of an increase in the price of 12 percent. D) The price rises by 22 percent causing the quantity supplied to increase by 3 percent.
Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. In that case, what is the output level and what is the average profit that will achieve the manager's goal?
A) Q = 1,800 units, average profit = $20 B) Q = 1,350 units, average profit = $5 C) Q = 1,100 units, average profit = $6 D) Q = 1,350 units, average profit = $9
What is a possible explanation as to why workers who have been on the job for a long time earn more than newly hired workers?
A. Workers in long-lasting job matches accumulate specific training over time, which increases the workers' productivity. B. Workers in bad job matches tend to stay on the job longer. C. Young workers are more productive than older workers. D. U.S. law requires older workers to be paid more than younger workers. E. The positive effects of general training on education erode over time.
Mary says, "You would have to pay me $50 to attend that pro wrestling event." For Mary, the marginal utility of the event is:
A. zero. B. positive, but declines rapidly. C. negative. D. positive, but less than the ticket price.