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1. What two parts of government determine the federal budget?
Fed Reserve System (Fed) and FOMC.
The US President and the Fed
The US Congress and US President.
The US Congress and the Fed
2. According to the quantity theory of money, when the money growth rate is significantly lower than the growth rate of potential GDP = real GDP, the economy is experiencing
a deflation.
inflation.
both a deflation and inflation.
none of the above..
Devise a method that accurately measures the productivity of a college professor teaching economics. Hopefully, the measure you will come up with will include some sort of quality measure as well. This measure you devise will be used to decide whethe..
What is unique about perfect competition as a market structure that sets it apart from the other three market structures? How does it affect the diagrams that we use to analyze firm behavior? What are the implications of the assumption of easy entry ..
Historically the gold standard was the anchor for nearly every traded currency. Explain how the go Id standard worked as nations traded domestically and internationally at fixed exchange rates.
Is it important to a company to obtain a unique following before expanding to a larger audience? What makes more sense, to try and cast your net wide initially early on or maybe to go after that unique following first and then expand your reach?
Suppose the production function for pasta is Q = 4kl ; What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 and what is the long-run total cost function when r = 4 and w = 36
The initial cost of a pickup truck is $11289 and will have a salvage value of $3730 after five years. Maintenance is estimated to be a uniform gradient amount of $133 per year, with zero dollar for first year maintenance. The operation cost is estima..
A wage higher than the market wage paid by a firm in order to increase worker productivity is A. The real interest rate equals.
Which of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the U.S. recession of 2001.
In the short run, labor is the only variable factor used by a firm in the production of a certain product. The manager of the firm has estimated that the marginal product of labor is given by MPL = 160/√L. The wage per unit of labor is w = $24, and e..
What is the externality associated with an individual driving on a congested highway? How do tolls help alleviate this externality? How should tolls be set? (Hint: Would you always want the toll to be the same all day?)
Hank Yoon is the economist in a competitive market. The market price is $35 per item. The total cost equation is , and MC = 2 + Q. What level of output of items should you produce in the short run? What price should you charge in the short run? Will ..
The principle of utility involves maximizing happiness as a desirable outcome of decisions. Although it does not get directly said, there is an inverse intention to minimize the undesirable outcome of disaster. Utilitarian decisions are directed towa..
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