Which of the following is not true of Keynesian macroeconomics?
A. Focuses on the short run
B. Concerns depressions and unemployment
C. Says that aggregate demand affects depressions/recessions
D. Concerns inflation control
E. Concerns gov't fiscal policy
Ans: D. Concerns inflation control
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When discussing the CPI, the term "commodity substitution bias" refers to changes in
A) prices that lead business to change the items they buy. B) quantities that lead households to change the items they buy. C) prices that lead households to change the items they buy. D) income that lead households to change the items they buy. E) stores so that consumers switch from one store to another.
Which of the following coordinates and plans foreign aid programs and expenditures in the United Sates?
a. The Federal Reserve Board b. The Federal Open Market Committee c. The Agency for International Development d. The Bureau of Economic Analysis e. The U.S.Department of the Treasury
Accounting profit is equal to:
A. total revenue minus explicit costs. B. total revenue minus explicit and implicit costs. C. economic profit minus implicit costs. D. total revenue minus implicit costs.
If the opportunity cost is constant (the PPF is a straight line), then a country will:
a. partially specialize in the production of its exported product. b. completely specialize in the production of its exported product. c. not benefit from importing goods from another country. d. benefit by raising trade barriers.