Under free banking, banks are regulated by the Federal Reserve
Indicate whether the statement is true or false
False
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Why is the long-run aggregate supply curve a vertical line?
A) At that level of real GDP, the production costs are at their lowest level. B) At that level of real GDP, production costs have fully adjusted to price changes. C) At that level of real GDP, the unemployment rate is 0 percent. D) At that level of real GDP, the inflation rate is 0 percent.
External costs can be defined as
A) the cost associated with private production, but partially borne by society. B) the sum of all private production costs. C) the cost of running the federal government. D) the cost of providing all public goods and services.
During the financial crisis Congress and President Obama authorized tax cuts and increases in government spending. According to the Phillips curve, in the short run these policies should have
a. reduced inflation and unemployment. b. raised inflation and unemployment. c. reduced inflation and raised unemployment. d. raised inflation and reduced unemployment.
Short-run fluctuations in output and employment are referred to as
A. Economic growth B. Business cycles C. Inventory cycles D. Recession and inflation