The ______________is a period of production long enough for producers to adjust the quantities of all of their resources.

The inability of the Federal Reserve to explain movements in M1 demand has led to

A) less emphasis on money growth as a policy tool. B) the Federal Reserve's targeting V1 growth more closely. C) the Federal Reserve's switching to M2 and M3 targets. D) All of the above.

A farmer has many competitors and exists in a market structure known as perfect competition. This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the

farmer is A) a price maker and can therefore charge different customers different prices. B) always able to price produce above the competition and earn a larger profit. C) never able to determine any prices he charges for anything, such as soybeans. D) a price taker and cannot affect the market price of wheat.