The primary purpose of economic regulation of an industry is to
A) control the prices charged by the regulated industry.
B) increase taxes across the board.
C) reduce output.
D) control hiring and firing within the industry.
A
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According to the ________ Phillips curve, the unemployment rate and the inflation rate are negatively related
A) long-run and short-run B) rational expectations C) short-run D) long-run
Referring to a bank's t-account, the difference between total assets and total liabilities is called
A) leverage. B) reserves. C) deposits. D) equity.
Hyperinflation is caused by
A) a constant increase in the money supply. B) a high rate of growth in the money supply. C) real GDP growing more rapidly than the money supply. D) the money supply growing more slowly than GDP.
The GDP deflator in year 2 is 110 using year 1 as a base year. This means that, on average, the price of goods and services is
A. 110% higher in year 1 than in year 2. B. 110% higher in year 2 than in year 1. C. 5% higher in year 1 than in year 2. D. 10% higher in year 2 than in year 1.