Developing countries are starting to converge with developed countries in the long run in what respect?
a. Growth rate
b. Income inequality
c. Population
d. Per capita income
D
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Are the goals of monetary policy in harmony or in conflict (a) in the long run and (b) in the short run?
What will be an ideal response?
The ________ elastic a firm's demand curve, the greater its ________
A) less; monopoly power B) less; output C) more; monopoly power D) more; costs
The value of fiat money is fundamentally determined by the: a. reputation of the bank that holds it
b. reputation of the person who holds it. c. value of the gold or silver for which it can be redeemed. d. value of the commodities for which it can be traded. e. value of comparable stocks and bonds.