The teal book is the Fed research document containing
A) the forecast of national economic variables for the next three years.
B) forecasts of the money aggregates conditional on different monetary policy stances.
C) information on the state of the economy in each Federal Reserve district.
D) both A and B.
E) A, B and C.
D
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Producer surplus for the whole market can be thought of as
A) total profit. B) variable operating profit plus factor rents. C) total profit minus factor rents earned by lower cost firms. D) total profit plus factor rents earned by lower cost firms.
Which of the following activities would occur in the product market?
a. Harry mows his grass. b. General Motors hires additional workers to run a third shift at the factory. c. Sam pays a speeding ticket. d. Dolly buys a ticket to the ball game. e. Jane bakes a pie for Thanksgiving dinner.