A real quantity is a quantity measured:
A. by the average quantity.
B. using real prices.
C. in terms of current dollar value.
D. in physical terms.
Answer: D
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Which of the following is (are) true of a monopoly? (i) A monopoly has the ability to set its price. (ii) A monopolists marginal revenue will always increase when it lowers the price of its product. (iii) A monopoly can never experience an economic loss
a. (i) only b. (ii) only c. (i) and (ii) only d. (ii) and (iii) only
The Fed prefers to change its interest rate target only rarely because
a. those targets affect productivity in the labor force b. a fluctuating stock and bond market signals a recession c. interest rates are greatly overrated as a measure of economic performance d. it is so difficult to do so e. the changes destabilize the financial markets