What branch of economics is concerned with interest rates and the gross domestic product (GDP) of the U.S. economy?
A) Normative economics B) Positive economics
C) Microeconomics D) Macroeconomics
Answer: D
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If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then these two products are
A) substitutes. B) complements. C) normal goods. D) inferior goods.
According to the theory of rational expectations, when it comes to expected changes in the inflation rate, the short-run Phillips curve would be: a. vertical
b. horizontal. c. upward sloping. d. downward sloping.
If we add together all the gains from specialization and trade and then subtract all the losses, the net result would be
A. Zero: the gains and losses would cancel out. B. Impossible to tell: the net result could be zero, positive, or negative. C. Negative: a net loss for the world and each country. D. Positive: a net gain for the world and each country.
If the Fed buys Treasury bills, this will shift the
A) money supply curve to the right. B) money supply curve to the left. C) money demand curve to the right. D) money demand curve to the left.