Which of the following Federal Reserve policy tools is used most often?
a. Open market operations
b. Changing the required reserve ratio
c. Changing the discount rate
d. Changing the prime lending rate
e. Moral suasion
A
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How does a firm in monopolistic competition determine its price and quantity? What type of profit can it make in the short run and the long run?
What will be an ideal response?
Frank's Burgers employs workers in a competitive market. It currently has 15 employees. The marginal revenue product of the 15th worker hired is $8.50 per hour. The market equilibrium wage is $10 per hour
Is this firm maximizing profit? Explain.
The wage rate found by the intersection of the market demand and supply curves for labor then determines the
A) firm's demand curve for labor. B) firm's supply curve for labor. C) labor's supply curve of labor. D) labor's demand curve for jobs.
With which of the following countries does the United States have its largest goods and services deficit?
A. Canada. B. Germany. C. Japan. D. China.