The primary assets of the Fed are
A) discount loans and reserves.
B) discount loans and government securities.
C) government securities and reserves.
D) discount loans and open market operations.
B
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In the case of purely flexible exchange rates, a decrease in domestic real income, with constant prices and domestic credit, will lead to
A) an increase in international reserves. B) the depreciation of the domestic currency. C) the appreciation of the domestic currency. D) no change in the value of the domestic currency.
Which of the following best describes marginal cost?
a. The change in total cost when one additional unit of output is produced. b. Total cost divided by the quantity of output produced. c. Total variable cost divided by the quantity of output produced. d. Total fixed cost divided by the quantity of output produced. e. Costs that do not vary as output varies, and that must be paid even if output is zero.