When the Fed was created, its governing body was called the Federal Reserve Board, but it was later officially renamed the Board of Governors of the Federal Reserve System
Indicate whether the statement is true or false
True
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The natural rate hypothesis concludes that when the inflation rate increases, then in the long run there is
A) an upward movement along the short-run Phillips curve. B) an upward shift of the short-run Phillips curve. C) a downward shift of the short-run Phillips curve. D) no change at all in the short-run Phillips curve. E) a downward movement along the short-run Phillips curve.
A fall in the price of a firm's output
A) decreases the firm's demand for labor. B) increases the firm's demand for labor. C) decreases the firm's supply of labor. D) increases the firm's supply of labor.
Consider an industry that is in long-run equilibrium. An increase in demand leads to a decrease in the price of the good. We know that this is
A) a decreasing cost industry. B) a constant cost industry. C) an increasing cost industry. D) not a competitive industry.
Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $100. (iii) Total revenue equals $300
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)