If the change in business inventories is positive, then final sales are
A. greater than GDP.
B. zero.
C. less than GDP.
D. equal to GDP.
Answer: C
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If the output gap equals -200 billion, then:
A. potential GDP is lower than actual GDP. B. there is no cyclical unemployment. C. cyclical unemployment equals the sum of structural and frictional unemployment. D. there is a recessionary gap.
The quantity theory of money predicts that in the ________, a 10 percent increase in the quantity of money leads to a 10 percent increase in ________
A) long run; real GDP B) short run; velocity C) long run; velocity D) long run; price level
Federal deposit insurance in the United States began in
A) 1864. B) 1933. C) 1968. D) 1984.
If the price of cereal increases by 10 percent and the amount of milk demanded decreases by 2 percent, then the cross-price elasticity of these goods is:
A. 5. B. 5. C. 0.2. D. 0.2