The inside lags for monetary policy are relatively long compared to those for fiscal policy.
Answer the following statement true (T) or false (F)
False
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When the macroeconomic equilibrium is such that real GDP exceeds potential real GDP, the economy is suffering from ________, and the government policy to eliminate this gap will ________ real GDP and ________ the price level
A) an inflationary gap; increase; increase B) a recessionary gap; decrease; decrease C) an inflationary gap; increase; decrease D) a recessionary gap; increase; decrease E) an inflationary gap; decrease; decrease
Answer the following statement(s) true (T) or false (F)
1. In the prisoners’ dilemma game, the prisoners can talk to each other about their decision. 2. The firms in an oligopoly often behave like the prisoners in the prisoners’ dilemma. 3. The arms race between the United States and the former Soviet Union is a classic example of the prisoners’ dilemma. 4. The tit-for-tat strategy is commonly used in one-shot games between oligopolists. 5. The snob effect is a positive network externality.
Recall the Application about the price and supply of blueberries to answer the following question(s).According to the Application, the upward jump of the price of blueberries from 2005-2007 followed by the drop in the price of blueberries to $1.44/ lb. shows that blueberries are in:
A. a constant-cost industry. B. an increasing-cost industry. C. a decreasing-cost industry. D. a zero-cost industry.
If protective import-restricting quotas are imposed by a country, all of the following groups benefit EXCEPT
A. domestic producers in the affected industry. B. importers that are able to obtain the rights to sell imported items in the affected industry. C. employees of domestic producers in the affected industry. D. domestic consumers in the affected industry.