An agreement among countries about how relative currency values should be determined is known as
A) an exchange rate system.
B) an international currency market.
C) a free-trade arrangement.
D) a parity intervention.
A
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The Congressional Budget Office estimates that the Patient Protection and Affordable Care Act (ACA) will
A) increase federal government spending by about $2 trillion over 10 years. B) cost the government significantly more than the additional taxes and fees enacted under the law will bring in. C) actually reduce government spending over a 20 year period. D) eliminate the budget deficit within 10 years.
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
An increase in aggregate demand would move the economy up and to the right along a short run aggregate supply curve and up and to the left along a Phillips Curve
a. True b. False Indicate whether the statement is true or false