Monetary policy and fiscal policy influence
a. output and prices in the short run and the long run.
b. output and prices in the short run only.
c. output in the short run and the long run.
d. output in the short run only.
d
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A firm can choose a quantity of output, and the price is then determined by
A. the government. B. the supply schedule. C. consumers’ demand. D. the average cost.
An example of a good or service that would not count in the U.S. GDP would be:
A. a car made by Toyota in Tennessee. B. a car made by Ford in Michigan. C. sneakers made by Nike in Indonesia. D. sneakers made by New Balance in Ohio.
the multiplier is a value between zero and one
a. true b. false
Consumer surplus is the difference between the most a person is willing to pay and market price.
Answer the following statement true (T) or false (F)