"Hawks" are economists who argue that:
a) the goal of full employment should take priority over the goal of low inflation.
b) greater central bank action is needed in times of economic hardship.
c) too much monetary policy can have inflationary effects.
d) the Federal Reserve should be abolished.
Ans: c) too much monetary policy can have inflationary effects.
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An unregulated, single-price monopoly is shown in the figure above. If fixed cost is $20, the monopoly's total costs when it is maximizing its profit will be
A) $30. B) $40. C) $80. D) $140.
Between 1790 and 1860, wholesale prices charged by producers of commodities
(a) grew steadily over the period. (b) declined steadily. (c) exhibited wild variations but increased, on average. (d) exhibited wild variations but declined, on average.