The Federal Trade Commission is an agency that would enforce
A. fair pricing for consumers.
B. social regulation.
C. antitrust laws.
D. economic regulation.
Answer: B
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Assume an economy produces only hamburgers and hotdogs and the base year is 2005. Quantity producedPrices 2005200620052006Hamburgers2,0003,0002$3Hotdogs3,0004,0001$1.50Given the data in the table above, what is the value of nominal GDP in 2006?
A. $15,000 B. $10,500 C. $ 5,000 D. $ 7,000
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The difference between savings and investment is that a. investment is purchasing stock, while savings is putting money in a bank. b. investment is purchasing capital, savings is postponing consumption. c. investment is purchasing assets, while consumption is purchasing goods. d. investment increases output, while savings decreases output
Figure 4.1
During the Civil War years,
a. the slight stimulus to manufacturing was startling. b. iron production for both small arms and railroads increased rapidly. c. production of boots and shoes in Massachusetts nearly doubled. d. Both b and c are correct.