Which central bank has its exchange rate as a focus of its monetary? policy?
A) Bank of Canada
B) Bank of England
C) European Central Bank
D) Federal Reserve
Answer: A) Bank of Canada
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When determining an appropriate congestion tax, economists would use which of the following elements of the economic way of thinking?
A) thinking at the margin B) making assumptions C) isolating variables D) all of the above
When real GDP equals potential GDP, the quantity theory of money says that an increase in the quantity of money brings an equal percentage
A) decrease in real GDP. B) decrease in velocity. C) decrease in the price level. D) increase in the price level. E) increase in real GDP.
In a perfectly competitive market the long-run demand and supply curves are Q = 12 - P and Q = 5P respectively. Producer surplus in this market equals
A) 0. B) 5. C) 10. D) It cannot be determined without more information.
The full-employment level of GDP is
A) endowments. B) long-run aggregate demand. C) long-run aggregate supply. D) economic growth.