In the United States during the period from 1870 to 1940, the price level was most likely to
a. fluctuate.
b. increase.
c. decrease.
d. trend generally upward.
a
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Suppose in Italy producers can make 10,000 dresses or 1,000 coats per day, while in Canada producers can make 14,000 similar dresses or 2,000 similar coats per day. Therefore
A) 1 dress costs 7 coats in Italy. B) 1 dress costs 10 coats in Italy. C) 1 coat costs 7 dresses in Canada. D) 1 coat costs 10 dresses in Canada.
The demand curve facing a firm
a. indicates the amount of raw materials and other inputs the firm will purchase, at various prices b. indicates the amount of the good demanded from that firm by a particular consumer, at various prices c. indicates the amount of output that customers will purchase from the firm, at various prices d. shows the minimum price at which the firm can sell any given quantity of output e. is horizontal in the long run, but upward sloping in the short run
Budget deficits are inflationary when
a. the Federal Reserve contracts the money supply. b. the economy has lots of slack and the aggregate supply curve is horizontal. c. the economy is at full employment and the aggregate supply curve is vertical. d. private citizens buy the bonds to finance the debt.
Members of the Board of Governors
A. are appointed by the U.S. president, while presidents of the regional Federal Reserve Banks are appointed by those banks' boards of directors. B. are appointed by the regional Federal Reserve Banks' boards of directors while the presidents of the regional Federal Reserve Banks are appointed by the U.S. president. C. and the presidents of the regional Federal Reserve Banks are appointed by the U.S. president. D. and the presidents of the regional Federal Reserve Banks are appointed by the regional Federal Reserve Banks' boards of directors.