President Gerald Ford referred to inflation as
a. a blight on our nation's economy.
b. a necessary evil to combat high unemployment.
c. public enemy number one.
d. a fly in the ointment.
c
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The income elasticity of demand is a measure of the responsiveness of the
A) quantity of a good demanded to changes in income. B) consumer's income to a change in the price of the goods he or she consumes. C) quantity of a good demanded to changes in its price. D) quantity of a good demanded to changes in another good's price.
In comparison to a government that runs a balanced budget, when the government runs a budget deficit
A) business investment will fall. B) the equilibrium interest rate will fall. C) household savings will fall. D) none of the above
The Federal Reserve district banks
A) do not engage in monetary policy. B) engage in monetary policy directly through discount lending. C) engage in monetary policy directly through open market operations. D) engage in monetary policy directly through their membership on Federal Reserve committees.
When considering setting the transfer price at the market price of a product similar to the intermediate good that is already available on the market
a. It is appropriate to ignore that the market price includes a margin above marginal cost b. It is OK if the product on the market includes costly features your downstream division does not use c. It is OK if the product on the market is inexpensive because its quality is lower than you use d. If it is similar enough, it calls into question whether there are gains from producing it in-house