Monetarism is a school of thought put forth by ________, who argued that the economy would ordinarily be at potential GDP
A) Karl Marx
B) Milton Friedman
C) Finn Kydland and Edward Prescott
D) Robert Lucas and Thomas Sargent
Answer: B
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Since income tax revenues will rise (fall) as expenditures and output increase (decrease) the income tax results in
A) a reduction in the multiplier effect on GDP of autonomous expenditures. B) automatic stabilization of GDP. C) A and B. D) None of the above.
What is the difference between Nominal GDP and Real GDP?
a. Real GDP only measures the production of real goods and excludes services of any kind. b. Real GDP is a figure adjusted for exchange rate differences among countries. c. Real GDP is a figure adjusted for inflation. d. There is no difference at all. Real GDP is a synonym for Nominal GDP. e. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world
One way that quantitative easing can work is through depreciation of the country's currency.
Answer the following statement true (T) or false (F)
Apple improves the resolution of its iPhone camera by doubling the number of megapixels. This is an example of vertical differentiation.
Answer the following statement true (T) or false (F)