At a long-run macroeconomic equilibrium, real GDP is always equal to potential GDP
Indicate whether the statement is true or false
TRUE
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Of the following, who gains from a tariff?
A) the government of the importing country B) the government of the exporting country C) consumers in the importing country D) producers in the exporting country E) both the government of the exporting country and the government of the importing country
A perfectly competitive firm that is producing a positive quantity of a good maximizes its economic profit if it produces so that
A) total revenue = total cost. B) marginal revenue = marginal cost. C) average revenue = average total cost. D) average total cost = average variable cost.
Which of the following is NOT an example of monetary policy? a. The Federal Open Market Committee decides to sell bonds
b. The Federal Open Market Committee decides to buy bonds. c. The Federal Reserve reduces the reserve requirements. d. The Federal Reserve facilitates bank transactions by clearing checks.
Which of the following groups of people is eligible for unemployment insurance?
a. people who were laid off in a recession b. people who have not had a job before c. people who were fired d. people who quit their job