The Fed's two main monetary policy targets are
A) the interest rate and real GDP. B) the money supply and the interest rate.
C) the money supply and the inflation rate. D) the inflation rate and real GDP.
B
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An agricultural corn market faces a positive supply shock due to a beneficial rainy season and the use of new genetically modified seeds. As a result, farmers face the largest crop harvest in decades
Which answer below explains how a farm could actually go bankrupt under this scenario. A) The elasticity of supply for corn is elastic such that a positive shock reduces total revenue. B) The demand for corn is inelastic such that a positive supply shock reduces total revenue. C) An inelastic demand curve will cause revenue to fall because price decreases by more than the increase in quantity demanded. D) B and C
Everyone faces scarcity
a. True b. False Indicate whether the statement is true or false
The minimum wage is an example of a
a. price ceiling. b. price floor. c. wage subsidy. d. tax.
The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic
a. system b. utility c. incentive d. grid