The gap that exists when equilibrium real GDP is greater than the level of real GDP shown by the position of the long-run aggregate supply curve is
A) the short-run aggregate supply curve.
B) money illusion.
C) a recessionary gap.
D) an inflationary gap.
D
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During the antebellum period, the federal government assumed
(a) responsibility for full employment. (b) responsibility for stable prices. (c) responsibility for the overall economy through control of the money supply. (d) little responsibility for most economic matters, leaving them to private individuals in businesses and households.
What is the flypaper theory of tax incidence? This theory is typically wrong. Why?
What will be an ideal response?
Stores such as Costco and Sam's Club require an annual membership before you can shop there. This is a form of
A) two-part pricing. B) price gouging. C) a tie-in sale. D) anti-competitive behavior.
The central bank of the United States is known as the
A. Federal Deposit Insurance Corporation. B. Department of the Treasury. C. Federal Reserve System. D. Federal Savings and Loan Insurance Corporation.