There are a few firms selling differentiated products in a monopolistically competitive industry.
Answer the following statement true (T) or false (F)
False
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An inflation forecast developed in a Keynesian framework is likely to focus on
A) Federal Reserve policy. B) international gold movements. C) household and business spending decisions. D) the velocity of money.
In the quantity theory of money, which of these variables is endogenous?
A) the price level B) the velocity of money C) real output D) the money supply E) none of the above
In the simple circular-flow diagram, with households and firms, GDP can be computed a. as the total payments for factors of production made by households
b. as the total expenditures by households on goods but not services, since services are intangible. c. as the total expenditures by households on goods and services. d. as the total expenditures by households on goods and services, less taxes paid.
In general, most people
A. value the present and the future about the same. B. have a negative time preference. C. have a positive time preference. D. have a negative time preference for food and basic necessities and a positive time preference for services and luxuries.