The top policy goal for Paul Volcker when he became chairman of the Federal Reserve's Board of Governors in 1979 was
A) increasing regulation of commercial banks.
B) increasing employment.
C) a low current account deficit.
D) fighting inflation.
E) increasing economic growth.
D
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As residents of developing countries increase their chocolate consumption, the increased production of cocoa results in
A) increased opportunity cost of cocoa production. B) decreased opportunity cost of cocoa production. C) no change in production of other goods and services. D) increased production of other goods and services.
When demand for goods and services is high, firms are more likely to hire more workers
a. True b. False Indicate whether the statement is true or false
Sophia sits behind Gabriel on an airplane. Gabriel owns the right to recline his seat and values this right at $10 . Sophia values a non-reclined seat in front of her at $40 . Assuming no transaction costs, which of the following represents an efficient solution?
a. Sophia offers Gabriel between $10 and $40 to not recline his seat. Gabriel accepts, and both parties are better off. b. Sophia offers Gabriel between $0 and $10 to not recline his seat. Gabriel accepts, and Sophia is better off. c. Sophia offers Gabriel between $10 and $40 to not recline his seat. Gabriel declines because he has the right to recline his seat. d. Gabriel offers Sophia between $10 and $40 to recline his seat. Sophia accepts, and both parties are better off.
A deadweight loss is the loss to society of not producing the supply-and-demand determined level of output
Indicate whether the statement is true or false