The Fed's use of the federal funds rate as an operating target in the 1970s resulted in
A) countercyclical monetary policy.
B) too slow growth in M1 throughout the decade.
C) procyclical monetary policy.
D) too rapid growth in M1 throughout the decade.
C
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To increase total revenue, firms with ________ demand should lower price, and firms with ________ demand should increase price.
A. elastic; inelastic B. unit; inelastic C. elastic; unit D. inelastic; elastic
The above (incomplete) table provides information about the relationships between labor and various product measures. The average product of the fourth unit of labor
A) exceeds the marginal product of the fourth unit of labor. B) is less than the marginal product of the fourth unit of labor. C) is equal to the marginal product of the fourth unit of labor. D) is equal to 4.0.
A key difficulty facing insurance companies is that people know more about their health than do insurance companies, and that those people who are seriously ill are the most likely to want to obtain health insurance
What is this phenomenon called? A) asymmetric information B) moral hazard C) economic irrationality D) adverse selection
Consider a perfectly competitive? firm's marginal revenue product of labor curve shown in the diagram. Using the line drawing tool?, draw a new line that shows the effect of a decrease in the demand for the product produced by this firm. Label this line ?'MRP1?'. Carefully follow the instructions? above, and only draw the required objects.
For the perfectly competitive? firm, the marginal revenue product is
A.marginal physical product times the wage rate.
B.marginal physical product times the product price.
C.the same thing as marginal physical product.
D.the same thing as marginal factor cost.