Which of the following sequence of events follows a rise in the discount rate?
A. r? ? I? ? AE? ? Y?
B. r? ? I? ? AE? ? Y?
C. r? ? I? ? AE? ? Y?
D. r? ? I? ? AE? ? Y?
Answer: A
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Answer the following statements true (T) or false (F)
1. Probably the main characteristic of a demand curve is that it slopes upward from left to right. 2. Typically, the higher the price of a commodity, the greater the quantity supplied. 3. Price ceilings usually create surpluses since supply is increased. 4. Price floors can create surpluses if price floors are above market prices. 5. Price elasticity of demand is a measure of consumer responsiveness to a change in price.
Which of the following would be counted in 2013's GDP?
A) the value of a bond sold by the federal government B) the value of a loan you take in 2013 C) the value of a TV that was produced in 2012 but not sold until 2013 D) the bonus check a stockbroker gets from his/her company in 2013
Based on the graph showing equilibrium output and price for a monopolist, monopolists should cut production ______.
a. at Q2
b. at Q1
c. when MR = MC
d. when MR > MC
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower