At the beginning of the 1980s under Chairman Paul Volcker, the Fed
a. stressed control of interest rates over control of the money supply
b. did not seem to favor either control of the money supply or of interest rates
c. changed the emphasis between controlling the money supply and controlling the interest rate depending on the state of international trade
d. stressed control of the money supply over control of the interest rate
e. controlled whichever target that seemed to be important at the time
D
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The figure above shows the market supply curve for pizzas. a) What is the marginal social cost of the 20th pizza? b) What is the minimum supply price of the 20th pizza? c) If the price is $6 per pizza, what is the producer surplus for the 20th
pizza? d) If the price is $6 per pizza, what is the total producer surplus? e) If the price is $8 per pizza, what is the total producer surplus? f) If the price is $10 per pizza, what is the total producer surplus?
If the economy is characterized by constant returns to scale, then a
A) doubling of inputs will lead to a more than two-fold increase in output. B) doubling of inputs will lead to a constant output. C) doubling of inputs will lead to a two-fold increase in output. D) doubling of inputs will lead to a less than two-fold increase in output.