Monetary policy refers to:
A. policy directed toward increasing exports and reducing imports.
B. government policies aimed at changing the underlying structure or institutions of the economy.
C. the determination of the nation's money supply.
D. decisions to determine the government's budget.
Answer: C
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Economic models are used to
A) represent the complexities of economic environments. B) explain every detail of an economic theory. C) explore decision making by individuals, firms and other organizations. D) build physical renditions of government construction projects.
Changes in which of the following do NOT shift the AS curve? i. the price level ii. potential GDP iii. the money wage rate
A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
Figure (a) represents the domestic demand and supply of televisions. Suppose free trade is allowed and the current world price of televisions is P1 as shown in Figure (b). Now suppose the domestic government imposes a tariff increasing the domestic price to P2 in Figure (b). This tariff
a. Q3 minus Q1.
b. Q4 minus Q1.
c. Q2 minus Q1.
d. Q4 minus Q3.
Given the table below, the maximum amount that can be produced using 20 workers is 
A. 26.5 units. B. 442 units. C. 420 units. D. 22 units. E. 530 units.