The Haig-Simons definition of income and the Fisher definition of income are virtually identical

The Fed's policy tools include

A) required reserve ratios, the discount rate, open market operations, and extraordinary crisis measures. B) holding deposits for the U.S. government, reserve requirements, and the discount rate. C) setting regulations for lending standards and extraordinary crisis measures. D) supervision of the banking system and buying and selling commercial banks. E) required reserve ratios, income tax rates, and open market operations.

A monopolist can make an economic profit in the long run because of

A) the relatively elastic demand for its product. B) the relatively inelastic demand for its product. C) the firm's price setting behavior. D) barriers to entry.