There are ________ Federal Reserve Banks located in different parts of the United States.
A. 10
B. 12
C. 15
D. 50
Answer: B
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Suppose Ralph sells bento lunches, which have the following demand:
pR = 100 – qR – 0.5qD where pR is the price of Ralph's bentos and qR is the number of bentos Ralph sells. qD is the number of bentos Ralph's rival, Dave, sells. Dave's demand is given by: pR = 100 – qD – 0.5qR where pD is the price Dave can sell his bentos for. Suppose each seller has a cost per unit (average and marginal) of $1. a. How does this game differ from the Cournot model with identical products? Why do the demand curves indicate that the goods are differentiated – not perfect substitutes for one another? b. Compute the best response functions for each seller and the Nash Equilibrium outputs and prices.
Define the following terms and explain their importance to the study of macroeconomics. a. Central bank b. Federal Open Market Committee c. Supply of money d. Monetary policy
What will be an ideal response?
Which of the following is a strategy that can be used only by vertically integrated firms?
A. Penetration pricing B. Vertical foreclosure C. Limit pricing D. Predatory pricing
A study by Edward Prescott found that the ________ marginal tax rates in the United States relative to Europe resulted in a ________ quantity of labor supplied in the United States
A) higher; larger B) lower; larger C) higher; smaller D) lower; smaller