monetary policy is conducted
What will be an ideal response?
only by the federal reserve
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The production possibilities frontier for a country is usually drawn
A. as a straight line, sloping downward. B. as a straight line, sloping upward. C. bowed outward from the origin. D. bowed inward toward the origin. E. as a dotted line when sloping downward and as a full line when sloping upward.
A large negative output gap
a) represents a shortage of goods due to excessive demand for output b) is the result of overtime work by the labor force c) creates inflation d) means the business cycle is at a peak e) implies excessive unemployment
Protectionist policies:
A) restrict the importation of foreign goods and services. B) shift the supply curves for the protected goods and services to the right in the country imposing the restriction. C) generally result in increased benefits in the long run in all countries. D) are no longer advocated by powerful interests.
If the minimum efficient scale in toaster production is 500,000 units per year, the average cost of producing 300,000 toasters is greater than the average cost of producing 500,000
a. True b. False