Regulation imposed by such organizations as the Food and Drug Administration or the Environmental Protection Agency seeking to protect the welfare of people in our nation is referred to as
A) moral regulation.
B) natural regulation.
C) rate-of-return regulation.
D) social regulation.
Answer: D
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If unemployment is below the natural rate, GDP is below potential output
a. True b. False
Monetary policy includes all of the following, except
A. changes in government spending on goods and services. B. changes in reserve requirements. C. changes in the discount rate. D. buying and selling government securities on the open market.
Suppose a decrease of 7% in the price of lobster increases the consumption of lobster by 18%. Such a price decrease will induce households to spend
A. less of their income on lobster. B. less on products that are complementary with lobster. C. more of their income on lobster. D. the same amount on lobster as before.
Refer to the diagram, in which Q f is the full-employment output. A contractionary fiscal policy would be most appropriate if the economy's present aggregate demand curve were at:
A. AD 0 .
B. AD 1 .
C. AD 2 .
D. AD 3 .