Based on the above table, which of the following is the efficient quantity of output?
A) 31
B) 16
C) 32
D) None of the above answers is correct.
B
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By raising the discount rate, the Federal Reserve ________ banks from borrowing more reserves
A) short-changes B) prohibits C) discourages D) encourages
Disposable income equals aggregate income
A) minus saving and minus net taxes. B) minus saving. C) minus net taxes. D) plus net taxes. E) plus saving minus net taxes.
If a good has many close substitutes, then its demand is most likely
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.
A price taker is a firm that
A) seeks to maximize revenue rather than profit. B) cannot influence the market price. C) searches for the best price and then takes the highest profits possible. D) buys inputs for firms.