Monetary policy in the United States is primarily the responsibility of ________
A) the President and Congress
B) the Federal Reserve System
C) the U.S. Treasury
D) the Comptroller of the Currency
B
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Pamela's bakery produces 500 loaves of bread in a given year. Pamela pays $100 for flour and yeast, pays $600 in wages, pays $50 in interest on an existing loan, and pays $100 in taxes to the government
One of Pamela's bread slicing machines, which cost $75 each, wears out over the course of the year and must be scrapped. Pamela's profit for the year equals $75. Pamela's bread, therefore, sells for A) $0.50 per loaf. B) $1.00 per loaf. C) $2.00 per loaf. D) cannot tell, insufficient information
Which factor does not affect the elasticity of demand for a good?
(A) The importance of the good to the consumer. (B) The availability of substitute goods. (C) The consumer's perception of the good as necessity or luxury. (D) An increase in population.
If velocity is a constant, then the equation of exchange is an economic model.
Answer the following statement true (T) or false (F)