The supply curve for a monopoly is:
A. The portion of the marginal cost curve that lies above the average variable cost curve
B. The portion of the marginal cost curve that lies above the average total cost curve
C. The portion of the marginal cost curve that lies above the average fixed cost curve
D. Not clearly defined
D. Not clearly defined
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Nearly two out of three Americans feel that we are spending too little on welfare
Indicate whether the statement is true or false
In the United States in the late 1970s, nominal interest rates were high and inflation rates were very high. As a result, real interest rates were
a. very high. b. high. c. low, but never negative. d. low, and in some years they were negative.
Vault cash is not included in the central bank's liability category of currency because:
A. vault cash is in the asset category of reserves. B. vault cash really is only electronic funds. C. only non-bank currency is in the liability category of currency. D. it is the liability of the U.S. Treasury.