America's banking system is called a fractional reserve system
a. True
b. False
Indicate whether the statement is true or false
True
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The equilibrium level of aggregate planned expenditure is found where
A) there is no saving and no dissaving. B) net exports is zero. C) aggregate planned expenditure equals real GDP. D) autonomous expenditure equals equilibrium expenditure. E) the price level is rising at a constant rate.
Antitrust law
a. protects consumers from fraud or similar harm b. helps define resource ownership c. is designed to enforce contracts d. helps prevent firms from limiting competition e. cannot be used to increase economic efficiency
Suppose the natural rate of unemployment is 4 percent. What is the actual rate of unemployment if actual output is 2 percent below potential output?
A. 8 percent B. 5 percent C. 6 percent D. 3 percent
Suppose that R. J. Reynolds raises the price of cigarettes by 10 percent. Although they have no requirement or agreement to do so, the other cigarette firms decide to raise their prices accordingly. This situation is best described as:
A. price leadership. B. a cartel. C. monopolistic competition. D. a market with kinked demand.