Changes in business inventories are counted as part of gross private domestic investment
Indicate whether the statement is true or false
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How are most fundamental economic decisions now determined in China?
A) The government decides because China is a centrally planned economy. B) Individuals, firms, and the government interact in a market to make these economic decisions. C) The United Nations decides because China is a developing economy. D) These decisions are made by the country's elders who have had much experience in answering these questions.
Unlike a perfectly competitive firm, for a monopolistically competitive firm
A) price ? marginal cost for all output levels. B) price ? average revenue for all output levels. C) price ? marginal revenue for all output levels. D) marginal revenue = marginal cost at the profit-maximizing output.
A monetary growth rule means that
A) the Fed will raise interest rates if it thinks the economy is growing faster than potential. B) the money supply should grow at a constant rate. C) the Fed will lower interest rates if it thinks a recession is on the horizon. D) the money supply should grow in response to economic conditions.
If an increase in the growth rate of AD leads to an increase in real GDP in the short run: a. the increase in AD was correctly anticipated
b. the increase in AD was greater than anticipated. c. the increase in AD was less than anticipated. d. the increase in AD could have been any of the above.