Consider the following data for a nation.YearNominal GDPPrice Index1$3590240100345110448120556140The country's real GDP declined between years
A. 1 and 2.
B. 2 and 3.
C. 3 and 4.
D. 4 and 5.
Answer: C
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Monetary policy is conducted
A) only by the Federal Reserve. B) by the Federal Reserve and the President of the United States. C) by the Federal Reserve, the President of the United States, and Congress. D) by the Federal Reserve with veto power residing with the President of the United States.
The opportunity costs of the firm using its own funds are measured by the:
A) market interest rate. B) inflation rate. C) price level. D) menu costs.
When real GDP exceeds the natural rate of output, the economy experiences a recessionary gap
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states. B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs. C. Most people receiving welfare benefits are black. D. Each state sets its own welfare payments.