Which of the following can best be characterized as a subject of macroeconomics?
A. An examination of how a change in demand or supply impacts the price of a good
B. An examination of monetary policy
C. An examination of specialization
D. An examination of the production of a good
Answer: B. An examination of monetary policy
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If current unemployment is close to the natural rate of unemployment, the level of real GDP is likely to be close to the level of potential output
Indicate whether the statement is true or false
We often witness prices of water, gasoline and construction materials surge in a region just before a major storm hits. Some call this "price gouging." In the economic way of thinking, however, those higher prices are caused by
A) an increase in supply and an increase in demand. B) an increase in supply and a decrease in demand. C) a decrease in supply and an increase in demand. D) a decrease in supply and a decrease in demand. E) practices that are not connected to underlying supply and demand conditions.
Assume that Y is normally distributed N(μ, σ2). To find Pr(c1 ≤ Y ≤ c2), where c1 < c2 and di = , you need to calculate Pr(d1 ≤ Z ≤ d2) =
A) Φ(d2) - Φ(d1) B) Φ(1.96) - Φ(1.96) C) Φ(d2) - (1 - Φ(d1)) D) 1 - (Φ(d2) - Φ(d1))
Prior to its reform, India followed a policy of:
a. extensive growth b. import substitution c. export promotion d. the Kuznets curve e. none of the above