China is currently a member of the WTO
a. True
b. False
A
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The money multiplier is potential because
a. the legal reserve requirement is never precisely set b. banks might not be able to lend out all of their excess reserves c. banks always lend all of their excess reserves d. banks are prohibited from lending out all of their excess reserves e. banks can only lend out an amount equal to their required reserves
Which of the following is NOT a characteristic of a monopolistically competitive market?
A. Firms hold patents on their products. B. The products that firms sell are slightly different. C. Firms have some control over price. D. There are no artificial barriers to entry.
Use the following graph to answer the next question.
If AD1 shifts to AD2, then the equilibrium output increases from ________.
A. Q1 to Q2 while the price level rises from P1 to P2 B. Q1 to Q2 while the price level falls from P2 to P1 C. Q1 to Q3 while the price level rises from P1 to P2 D. Q1 to Q3 while the price level falls from P2 to P1
Suppose the economy is in equilibrium with an output gap equal to zero and the actual inflation rate equals the expected inflation rate
If the economy experiences a negative demand shock, real GDP will become ________ potential GDP and the economy will move to the ________ along an existing Phillips curve. A) greater than; right B) greater than; left C) less than; right D) less than; left