Which of the following schools of thought criticized the Fed's policy of targeting interest rates?
a. The new Keynesians
b. The Keynesians
c. The monetarists
d. The classical economists
e. The new classical economists
c
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If a firm is maximizing profit and the marginal revenue product of labor is $10 and the marginal revenue product of capital is $30, then
a. the marginal resource cost of labor is $3, and the marginal resource cost of capital is $0.33 b. the marginal resource cost of labor is $0.33, and the marginal resource cost of capital is $3 c. the marginal resource cost of labor equals the marginal resource cost of capital; both are $300 d. the marginal resource cost of labor is 1/3 of the marginal resource cost of capital e. we have no way of knowing the marginal resource cost of either labor or capital
Quotas are a much greater threat to competition than are tariffs because quotas preclude additional imports at any price.
Answer the following statement true (T) or false (F)