Technology can be defined as the
A. ability to get more output from a given amount of inputs.
B. act of putting new methods into effect.
C. discovery of new ways of making products.
D. result of savings.
Answer: A
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A market in which there are many sellers who all sell an identical product is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Because policies in the United States were too expansionary from 1965 through 1973, the U.S. suffered
A) demand-pull inflation. B) cost-push inflation, as workers sought higher wages in order to keep up with inflation. C) both demand-pull and cost-push inflation. D) neither demand-pull nor cost-push inflation.
At an output level of 100, a monopolist faces MC = 15 and MR = 17. At output level q = 101, the monopolist's MC = 16 and MR = 15. To maximize profits, the firm
A) should produce 100 units. B) should produce 101 units. C) cannot maximize profits. D) is not a monopoly.
How does conventional monetary policy work in the short run?
A. Fed sets target FFR, open market operations, bank reserves and money supply changes, market FFR and other short run interest rates change, consumption changes, and AD changes B. fed prints money, inflation increases, money loses value