Nowadays, most observers believe that monetary policy
a. is less important than fiscal policy.
b. is more important than fiscal policy.
c. and fiscal policy are equally important.
d. and fiscal policy are both unimportant.
b
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Moral hazard occurs because people act
A) in the interest of others at all time. B) in the best interest of society. C) in their own self-interest. D) like anarchists.
If both labor demand and labor supply fall, what will happen to the real wage, employment, and output?
a. The real wage will increase, real output will increase, but the effect on employment depends upon the magnitudes of the shifts. b. The real wage will increase, but the effects of employment and real output depend upon the magnitudes of the shifts. c. The real wage, employment, and real output will all decrease. d. Employment and real output will decrease, but the effect on the real wage depends upon the magnitudes of the shifts. e. The real wage, employment, and real output will all increase.
If the population and labor base of Laurent’s country increases by 2 percent every year, how will this affect the production possibilities curve?
a. The curve will be rendered obsolete.
b. The curve will be shifted outward.
c. The curve will be shifted downward.
d. The curve will be unaffected.
The manager of Greene Enterprises, Inc., recently estimated its average variable cost (AVC) function to beAVC = 88 - 0.026Q + 0.000003Q2Greene Enterprises faces total fixed costs (TFC) of $300,000. If Greene Enterprises produces 6,000 units of output, what is estimated short-run marginal cost (SMC)?
A. $62.40 B. $83 C. $45.60 D. $92 E. $100