Which of the following is an unconventional monetary policy?
a. lending to banks in unprecedented volume
b. lending to companies other than banks
c. reducing the federal funds rate to zero
d. All of these are unconventional monetary policies.
d
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Which of the following does not arise from price discrimination?
A) an increase in quantity sold B) an increase in profits C) an increase in consumer surplus D) an increase in producer surplus
The provision of aid to an individual who is not required to provide anything in exchange is called a transfer payment.
a. true b. false
Suppose that at a bicycle shop, instead of having each worker assemble an entire bicycle themselves, one person welds the frames, another person works on the braking system, another person works on the tires, and another person works on the gears. This best demonstrates the concept of
A. comparative advantage. B. microeconomics. C. division of labor. D. absolute advantage.
For a product with external benefits that is produced in a competitive, unregulated market, how can the resulting market output be described?
A) underproduction compared to the efficient level B) overproduction compared to the efficient level C) production equals the efficient level D) Underproduction or overproduction are both possible depending on whether the external benefit is to consumption or production. E) None of the above is correct.