When all market participants are price takers who have no influence over prices, the markets have
a. only a few buyers and sellers.
b. numerous sellers but only a few buyers.
c. numerous buyers but only a few sellers.
d. numerous buyers and sellers.
d
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When the Fed buys or sells government bonds to private banks in exchange for reserves, it is referred to as:
A) the Fed's dual mandate. B) open market operations. C) reserve targeting. D) moral suasion.
Which of the following best explains the negative slope of the short-run Phillips curve?
A) Short-run aggregate supply increases at the same pace as aggregate demand increases so that inflation and unemployment do not change. B) Weak growth in aggregate demand keeps the economy below potential GDP, so unemployment rises but inflation falls. C) Aggregate demand grows so quickly that the inflation rate rises as unemployment rises. D) Long-run aggregate supply increases quickly enough that inflation falls as unemployment also falls.
What does not enter into the present value calculation of a college degree?
A. the cost of books B. lifetime wages of noncollege graduates C. wages of college graduates D. the cost of college tuition E. the value of one's scholarships
A general formula for the multiplier is
A) 1/(1-MPS) B) 1/(MPC) C) 1/(MPS) D) 1/(MPC-1)