The federal funds rate is
a. determined in a market but targeted by the Fed.
b. chosen by the Fed and enforced on the banks.
c. chosen by Congress and enforced on the Fed.
d. chosen by Congress and enforced on the banks.
e. determined in the market and beyond the control of the Fed.
A
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Supply-side economics is based on the idea that reducing taxes has the effect of benefiting society as a whole.
a. true b. false
A budget line represents all the combinations of two good a consumer can buy with a given amount of money and fixed prices for the goods
a. True b. False Indicate whether the statement is true or false
A pure monopoly exists when:
A. only a single firm is present in the market. B. a single firm produces a good with many close substitutes. C. many firms produce a good with no close substitutes. D. a single firm produces a good with no close substitutes.
In short-run if this firm produced 275 units of output, the perfectly competitive firm of Figure 9-8 will earn a total economic profit of
a.
zero
b.
$950
c.
$825
d.
$1,425
e.
$575