Actions on the part of monetary and fiscal policy makers that are undertaken in response to some change in the overall economy are known as
A) creative policy making. B) passive policy making.
C) active policy making. D) nondiscretionary policy making.
C
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The marginal propensity to import (mpi), where M = imports, is defined as
A) M * Y. B) ?M/?Y. C) M - Y. D) ?M * ?Y.
A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others. B. its consumption by one person reduces its consumption by others. C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. E. a and d
Suppose a patent is granted for a product that has the linear demand curve P = a - b Q. The constant marginal cost of producing this product is $50 per unit, a unit sells for $150, and consumers purchase 100 units of the good at that price
If the monopoly is maximizing profit, b equals A) 1. B) 1.5. C) 2. D) 2.5.
Susan is trying to decide whether to quit her $20,000 per year job so she can return to college next year. If she goes to college next year, her books and supplies will cost $500, tuition will cost $3,000, and her other expenses (transportation, housing, and food) will increase by $2,000. What is Susan's opportunity cost of attending college next year? Select one:
a. $3,000 b. $3,500 c. $5,500 d. $25,500