The central bank in the United States is known as the Federal Reserve System
a. True
b. False
Indicate whether the statement is true or false
True
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The real-nominal principle can be stated as
A) only final goods and services should be counted in GDP. B) only the manufacture of real goods is production. C) what matters to people is the purchasing power of money or income. D) production generates income.
Most microeconomic models assume that decision makers wish to
A) make themselves as well off as possible. B) act selfishly. C) make others as well off as possible. D) None of the above.
If buyers expect the price of a good to fall in the near future, we would expect that to cause the current price and the quantity traded to decrease as a result
a. True b. False Indicate whether the statement is true or false
With a quota, the __________ is greater than the __________
A) loss in producers' surplus; gain in consumers' surplus B) loss in consumers' surplus; loss in producers' surplus plus higher total revenues on the imported goods C) loss in producers' surplus plus higher total revenues on the imported goods; consumers' surplus D) tax; revenue E) quota-determined price; quota-determined output