A patent issued by the government, gives a firm monopoly power on certain products or discoveries
a. True
b. False
Indicate whether the statement is true or false
True
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A belief that demand shocks are an important source of business cycle fluctuations implies a preference of ________
A) the new Keynesian model over the traditional Keynesian model B) the real business cycle model over the traditional Keynesian model C) the real business cycle model over the new Keynesian model D) the new Keynesian model over the real business cycle model
Assume that an increase in Costa Rica's government budget deficit reduced desired national saving by 10 million colon. Assuming Costa Rica is a small open economy, you would expect the government's action to
A. reduce the current account balance by more than 10 million colon. B. reduce the current account balance by exactly 10 million colon. C. increase the current account balance by less than 10 million colon. D. increase the current account balance by exactly 10 million colon.
The Fed increases the reserve requirement, but it wants to offset the effects on the money supply. Which of the following should it do?
a. sell bonds to increase reserves b. sell bonds to decrease reserves c. buy bonds to increase reserves d. buy bonds to decrease reserves
Suppose that when output is 20, marginal cost is $20, and average total cost is $30. Then which of the following is most likely to be true?
A. Average total cost is declining. B. Average total cost is constant. C. Average total cost is rising. D. Average total cost is less than average fixed cost.