The possible alternatives for an oligopoly range from the monopoly case with ________ to the perfectly competitive case with ________
A) high output; low output
B) low prices; high prices
C) low profits; high profits
D) low output; high output
E) no cooperation among the firms; much cooperation among the firms
D
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In the simple liquidity-preference model, the money supply curve is:
A. vertical, and moves at the sole discretion of the Fed. B. horizontal, and moves at the sole discretion of the Fed. C. vertical, and moves when people change their rate of savings. D. horizontal, and moves when people change their rate of savings
From 2008-2009 the Federal Reserve created a very large increase in the money supply. According to the short-run Phillips curve this policy should have
a. raised inflation and unemployment. b. raised inflation and reduced unemployment. c. reduced inflation and raised unemployment. d. reduced inflation and unemployment.
The efficiency of the payments’ mechanism affects
A. the speed with which money can be exchanged for other assets. B. how quickly individual loan applications will be approved. C. how slowly individuals deplete their cash balances. D. the speed with which financial institutions can process checks and other funds.
According to the substitution effect of labor supply, when the wage rate goes up:
A. it becomes more costly to consume leisure, so people will work more. B. it becomes less costly to consume leisure, so people will work more. C. the opportunity cost of enjoying leisure goes down. D. firms will hire more workers since people are more willing to work.