The Federal Reserve usually keeps the discount rate
equal to the target federal funds rate.
above the target federal funds rate.
below the target federal funds rate.
equal to zero.
The amount of borrowed reserves is _____ related to the discount rate, and is ____
related to the market interest rate.
Positively; negatively
Positively; Positively
negatively; negatively
negatively; Positively
An expansionary monetary policy lowers the real interest rate, causing the domestic
currency to ____ , thereby ______ net exports.
appreciate; raising
appreciate; lowering
depreciate; raising
depreciate; lowering
In a used car maker, 25 percent of the cars are lemons and the rest are gems. Buyers do
not know if a car is a lemon or a gem, but sellers know. Buyers are willing to pay 120
percent of seller’s value for a car, and seller’s values are $4,000 for a gem and $2,000
for a lemon. In market equilibrium
price is between 4,000 and 4,800, and deadweight loss is zero.
price is between 4,000 and 4,800, and deadweight loss is positive.
price is between 2,000 and 2,400, and deadweight loss is zero.
price is between 2,000 and 2,400, and deadweight loss is positive.
Suppose the demand for cigarettes is Q = 15 − 0.5P and the supply of cigarettes is Q =
P − 3, where P is the price per pack of cigarettes. Suppose the government imposes a
cigarette tax of $3 per pack. (20%)
(1) What is the price received by producers?
(2) What is the price faced by consumers?
(3) What is the government revenue from the tax?
(4) What is the total dollar amount of tax revenue paid by consumers?
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