The Federal Reserve banks accept deposits from individuals and banks.
a. true
b. false
b. false
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Which of the following is true of a recessionary gap? a. It develops when the expected price level is less than the actual price level
b. In the long run, this gap closes when resource suppliers negotiate lower resource payments. c. It measures the amount by which actual output is greater than the economy's potential output. d. In the long run, this gap closes when the short-run aggregate supply curve shifts rightward. e. In the long run, this gap closes when the aggregate demand curve shifts rightward.
In the financial crisis of 2008, which of the following were not among the consequences of high leverage in the banking industry? a. Less investment was undertaken than would otherwise have been the case
b. Less consumption spending took place than would otherwise have been the case. c. Unemployment was lower than it would otherwise have been. d. Real GDP was lower than it otherwise would have been
The GATT prohibits quotas. Why didn't the United States or other countries try to stop the voluntary export restraint on automobiles implemented by the Japanese during the early 1980s?
a. At the time, the GATT did not prohibit quotas administered by the exporting country, that is, voluntary export restraints. b. Other countries did try to stop the voluntary export restraints but were unsuccessful in their efforts. c. The GATT only prohibited quotas after the WTO was established in 1995. d. The GATT only prohibits developing countries from using quotas.
Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, if a worker is willing to take a $2,000 pay cut in order to reduce the probability of dying by .001, then the value of a statistical life is:
A. $2,000,000. B. $2,000.001. C. $2. D. $20,000,000.