The economy experiences a decrease in the price level and an increase in real domestic output. Which is a likely explanation?
a. National income abroad has increaseda
b. Interest rates and wage rates have decreased
c. Consumer incomes and the quantity of labor have decreased
d. The prices of imported resources have increased
b. Interest rates and wage rates have decreased
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A) optimization in levels. B) optimization in differences. C) ordinal analysis. D) comparative statics.
There is only one efficient allocation of resources in an economy at one point in time
a. True b. False Indicate whether the statement is true or false
Product differentiation always leads to some measure of market power
a. True b. False Indicate whether the statement is true or false
Monetary policy in the United States is under the control of:
A. the President. B. the U. S. Treasury. C. the Federal Reserve. D. the U.S. Senate.