Where was the Climate Summit held in December 2009?
a. Brussels
b. New York
c. Seattle
d. Copenhagen
Ans: d. Copenhagen
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A recessionary gap is the amount by which
A) the short-run equilibrium level nominal GDP is above the short-run real GDP. B) the short-run equilibrium level nominal GDP is below the short-run real GDP. C) total planned real expenditures exceed total planned production in the long run. D) the short-run equilibrium level of real GDP is below the full-employment level of real GDP.
David and Christian Romer's estimate of monetary policy's current effectiveness lag, defined as the time necessary for a policy change to have one-half its ultimate effect on GDP, is approximately ________ months
A) 2 B) 6 C) 10 D) 19 E) 24
Economic growth, as measured by increases in real GDP per-capita, exceeded 3% during the
A. 1980s. B. 1960s. C. 1990s. D. 2000s and 2010s.
Which of the following most closely approximates the conditions of a monopolistically competitive market?
A. The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product. B. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers. C. Local cable television service, where a licensed supplier competes with firms offering satellite service. D. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.