If the supply and demand curves cross at a quantity of 100, then the price necessary to get firms to sell more than that will have to be ________ equilibrium.
A. within 10% either way of
B. above
C. at
D. below
Answer: B
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A Consumer Price Index of 120 for a certain year means that the average price of consumer items in that year was
A. 20% higher than the average price of the preceding year. B. 120% higher than the average price in the base period 1982-84. C. 20% higher than the average price in the base period 1982-84. D. about $120 per basket of consumer goods and services.
Does monetary policy require the accompaniment of fiscal policy to change total spending?
A) No, because the Fed is an independent agency of the federal government. B) Yes, because monetary policy can contract total spending but cannot by itself expand it. C) Yes, because no policy is effective if it only changes nominal money values. D) Yes, if the demand for money tends to change in about the same direction and amount whenever the supply changes.
Marginal—rather than only average or per-unit--costs should guide decisions because marginal costs
What will be an ideal response?
A tariff is a tax on imports.
Answer the following statement true (T) or false (F)