The flexibility of a firm's techniques of production is an important determinant of its costs.
Answer the following statement true (T) or false (F)
True
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David and Christian Romer's estimate of monetary policy's current effectiveness lag, defined as the time necessary for a policy change to have one-half its ultimate effect on GDP, is approximately ________ months
A) 2 B) 6 C) 10 D) 19 E) 24
market with four firms in competition with each other has a equilibrium price of $25 and equilibrium quantity of 200,000. If the four firms form a cartel, the cartel, set price will be ________ than $25 and the set quantity will be ________ than 200,000.
A) greater; less B) less; greater C) greater; greater D) less; less
If there is currently an inflationary gap: a. The price level will tend to rise. b. Real output will tend to rise
c. Both a. and b. will occur. d. None of the above will occur.
With regard to the economy, the term negative inflation is synonymous with which of the following?
a. recession b. depression c. deflation d. hyperinflation