The major goal of social regulation is
A) a better quality of life through a less polluted environment, better working conditions, and safer and better products.
B) to make sure that firms are not earning monopoly profits.
C) to make sure that prices are kept low enough so that every person can purchase the good.
D) to make sure that the firm produces at the socially optimal point of production.
Answer: A
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Suppose the nominal interest rate is 1% and the rate of inflation is 3%. The real interest rate is therefore
A) -2%. B) 2%. C) 4%. D) 5%.
The Federal Reserve System's four monetary policy goals are
A) low government budget deficits, low current account deficits, high employment, and a high foreign exchange value of the dollar. B) price stability, low government budget deficits, low current account deficits, and a low rate of bank failures. C) price stability, high employment, economic growth, and stability of financial markets and institutions. D) a low rate of bank failures, high reserve ratios, price stability, and economic growth.
An increase in the number of producers will:
a. increase the market supply, because the price will rise. b. increase the market supply only when market demand increases too. c. increase the market supply, because market supply is the sum of all individual supply curves. d. increase the market supply only if each supplier has an identical supply curve. e. decrease the market supply, because firms compete with each other and each firm will supply more.
The international organization that replaced the General Agreement on Tariffs and Trade (GATT) is the
a. World Bank. b. Export-Import Bank. c. World Trade Organization. d. International Monetary Fund.