Intermediate targets are
A) identical to instruments.
B) macroeconomic variables that the Fed can influence that are related to the Fed's goals.
C) also known as the Fed's tools.
D) macroeconomic variables that never get revised.
B
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Which of the following statements correctly describes a total product curve?
A) Points above the total produce curve are efficient. B) The curve shows that output always increases as labor employed increases. C) The curve separates attainable outputs from unattainable outputs. D) The curve shows minimum levels of output. E) The curve first falls, reaches a minimum, and then rises.
A professional tennis player enters fewer tournaments each year as the prize money she won increased. This observation indicates that the tennis player
A) is irrational. B) has shifted her labor demand curve leftward. C) has shifted her labor supply curve rightward. D) has a backward bending labor supply curve.
Suppose Renee can increase her total utility from consuming video rentals and books by buying one more book and renting one fewer video. Which of the following is true?
A) The marginal utility of video rentals is negative. B) The marginal utility of the last book consumed exceeds the marginal utility of the last video rental consumed. C) The marginal utility of the last video rental consumed exceeds the marginal utility of the last book consumed. D) The marginal utility per dollar spent on books exceeds that of video rentals.
A country who has a trade deficit:
A. imports less than it exports. B. has a negative trade balance. C. sells more goods at home than it sells abroad. D. requires more trade in order to solve a budgetary deficit.