Refer to Figure 7.1. At what level of output does average total cost equal marginal cost?

The Taylor rule predicted a federal funds rate which was ________ that set when Paul Volcker was chairman of the Fed, and a rate which was ________ that set when Arthur Burns chaired the Fed

A) less than; equal to B) greater than; less than C) greater than; equal to D) less than; greater than

An exchange rate can be described as:

a. the price of a foreign currency as determined by the World Bank. b. the price of one country's currency in terms of another country's currency. c. the dollar value of imports and exports undertaken in the world economy during a year. d. the price of foreign currency as established by the relative amount of tourism. e. the dollar value of U.S. international trade.