Entry barriers can lead to long-run economic profits.
Answer the following statement true (T) or false (F)
True
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Which of the following policy actions by the Fed would cause the money supply to decrease?
a. An open market purchase of government securities. b. A decrease in required reserve ratios. c. A decrease in the discount rate. d. An open-market sale of government securities.
The government should not attempt to balance the budget if
a. the economy is in a recessionary gap. b. actual GDP is below full-employment GDP. c. unemployment is rising. d. All of the above are correct.
If a nation is currently operating at a point inside its production possibilities curve, it
A. can increase the output of one good without decreasing the output of the other good. B. has fully employed resources. C. has no inefficiently employed resources. D. is operating at full potential.
Monetary policy refers to
A) actions taken by banks and other financial institutions regarding their approaches to lending, account management, etc. B) changes in the money supply to achieve particular economic goals. C) changes in government expenditures and taxation to achieve particular economic goals. D) the change in private expenditures that occurs as a consequence of changes in the money supply.