New Keynesian inflation dynamics can account for sluggish responses of
A) real GDP to variations in aggregate supply.
B) real GDP to variations in aggregate demand.
C) inflation to variations in aggregate supply.
D) inflation to variations in aggregate demand.
D
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If two goods are substitutes, then their cross-price elasticity of demand is
A. positive. B. negative. C. zero. D. between zero and minus one.
Which market structure would likely have the highest concentration ratio?
a. Monopoly b. Oligopoly c. Monopolistic competition d. Perfect competition
Today, the average U.S. tariff is 1.6 percent of the value of imported goods, which is very low by historical standards.
Answer the following statement true (T) or false (F)
Countries are concerned about small changes in their average annual growth rates in per capita income because
A. the faster a country grows today, the less it will be able to consume in the future. B. growth rates are a factor in U.N. participation. C. growth rates tend to decline over time. D. the power of compounding means small changes have large effects over time.