The twin responsibilities of the Federal Reserve are:
A. to print money and ensure price stability.
B. to ensure price stability and regulate international trade.
C. to maintain full employment and balance the federal budget.
D. to ensure price stability and maintain full employment.
Answer: D
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Airlines that charge higher prices for customers who purchase their tickets at the last minute are:
A. not price discriminating because the cost of the ticket is not the same. B. lowering total economic surplus. C. perfect price discriminators. D. price discriminating by identifying passengers with higher reservation prices.
When the government reduces taxes, which of the following decreases?
a. consumption b. take-home pay c. household saving d. None of the above is correct.
Output decreases when aggregate expenditures ______.
a. increase b. decrease c. stagnate d. destabilize
The production possibilities curve:
A. shows all of those levels of production that are consistent with a stable price level. B. indicates that any combination of goods lying outside the curve is economically inefficient. C. is a frontier between all combinations of two goods that can be produced and those combinations that cannot be produced. D. shows all of those combinations of two goods that are most preferred by society.