A demand shock
a. is any event that causes the aggregate demand curve to shift
b. is usually caused by a change in the price level
c. is usually caused by a change in real GDP
d. can be traced back to a shift in the economy's production possibilities frontier
e. is generally a good thing for the economy
A
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The Federal Open Market Committee (FOMC) is composed of
A) representatives from the governors of all 50 states. B) Presidents of 5 Federal Reserve regional banks and the Board of Governors. C) the 12 Presidents of the Federal Reserve regional banks. D) the Board of Governors, the Vice-President of the United States, and the Secretary of Treasury for the United States.
The Sherman Antitrust Act:
A. no longer applies to business practices today. B. was passed in 1800. C. was actively used by President Roosevelt in the early 20th century. D. All of these statements are true.
If the inflation rate is lower than expected, real income is redistributed from borrowers to lenders
a. True b. False
When a firm operates under conditions of monopoly, its price is
a. not constrained. b. constrained by marginal cost. c. constrained by demand. d. constrained only by its social agenda.